McDonald Consulting, Inc., completed the following transactions during December 2010, its first month of operations:

Requirements 1. Open, or set up, T-accounts in the ledger: Cash, Accounts Receivable; Supplies; Equipment; Furniture; Accounts Payable; Common Stock; Service Revenue; Rent Expense; Utilities Expense.
2. Record transactions in the journal. Explanations are not required.
3. Post the transactions to the T-accounts, identify all items by date. Calculate the balance in each account.
4. Prepare a trial balance at December 31,2010.
5. Prepare the income statement, statement of retained earnings, and balance sheet.

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Dec 2 Sold $10,000 of stock to Dan McDonald to start the consulting practice. Purchased office furniture on account, $2,100. 3 Paid monthly office rent, $800. 6 Paid cash for a new computer, $1,600. 8 11 19 20 28 Purchased supplies on account, $200. Performed consulting service for a client on account, $900. Paid utility expenses, $300. Performed service for a client and received cash for the full amount of $1,100.