Current Attempt in Progress Selected transactions for Garver Company during its first month in business are presented below. Sept. 1 Invested $25,000 cash in the business in exchange for common stock. 5 Purchased equipment for $27,000 paying $6,000 in cash and the balance on account. 11 Performed $3,900 of services for clients, collecting $1,000 cash and billing them for the remainder. 25 Paid $7,000 cash on balance owed for equipment. 30 Declared and paid a $600 cash dividend. 30 Collected $1,200 from the clients from the September 11 transactions. (b) Post the transactions using the standard account form. Cash No. 101 Date Explanation Ref Debit Credit Balance J1 J1 J1 J1 J1 J1 Accounts Receivable No. 112 Date Explanation Ref Debit Credit Balance Date Explanation Ref J1 Accounts Receivable Debit No. 112 Credit Balance J1 Equipment No. 157 Date Explanation Ref Debit Credit Balance J1 Accounts Payable No. 201 Date Explanation Ref Debit Credit Balance J1 J1 Common Stock No. 311 Date Explanation Ref Debit Credit Balance J1 Dividends Date Explanation Ref Debit J1 Date Explanation Ref J1 Service Revenue Debit No. 332 Credit Balance No. 400 Credit Balance