need to create a t-account for each different account name you have used in your journal entries. The t-account for Cash will add up the cumulative effect of any entries that impact cash. The ending balance in each t-account goes into the trial balance. In total, the total of all accounts with debit balances should equal the total of all accounts with credit balances. If this is not true for your trial balance, it's ok for now.

AP3-7 (Journalize, post, and prepare trial balance) Sparkling clean Dry cleaners Inc. began operations on January 1,2016. In its first year, the following transactions occurred l. Issued common shares for $150,000 cash. 2. Purchased dry cleaning equipment for $75,000 cash. 3. Purchased cleaning supplies, on account, for $9,600. 4. Used $8,400 of the supplies in cleaning operations. 5. Collected $124,000 from customers for dry cleaning services provided. 6. Borrowed $15,000 from the bank on July 1, 2015, at an interest rate of 8% per year. 7. Paid wages of $49,000 to employees. In addition to this, $1,000 of wages were owed to employees at the end of the year. 8. Depreciated the equipment by $3,000 for the year. 9. Paid $22,000 for utilities (telephone, electricity, and water). 10. on December 31, paid interest on the bank loan described in transaction 6. Required: a. Prepare journal entries to record each of the above transactions. b. Create T accounts and post the journal entries to the Taccounts. c. Prepare a December 31, 2016, trial balance