Problem 3.39 Journalizing, Posting, and Preparing a Trial Balance Listed for each account Jersey Enterprises uses the following general ledger accounts in its accounting system. Listed for each is its balance as of January 1, 2020. Identify each amount as a debit balance or a credit balance, making sure that Total Debits - Total Credits. Cash Accounts Receivable Supplies on Hand (Asset) Office Equipment Accumulated Depreciation Office Equipmt Accounts Payable Common Stock Retained Earnings Fee Revenue Selling Expense Salary Expense Balance $ 80,000 85,000 30,000 325,000 135,000 70,000 90,000 225,000 In early January 2020, Jersey Enterprises engaged in the following transactions: January 2 Paid $30,000 on accounts payable January 5 Purchased $2,100 of supplies with cash January 5 Purchased office equipment for $4,700 cash January 6 Earned and received fees (revenues) of $16,400 from customers January 7 Paid selling expenses of $7,100 January 8 Received $25,000 from customers who had owed money at January 1 January 9 Paid employee salaries of $15,200 Required: a. Why do some of Jersey's accounts have zero balances at the beginning of January? b. Make a single compound journal entry for all of the opening balances at January 1, 2020. C. Prepare general ledger accounts for Jersey Enterprises as of January 1, 2020 and post the opening balance to each account. d. Make journal entries for each of the transactions described above for January 2-9. e. Post the journal entries to the general ledger accounts, and calculate balances as of January 9. Prepare a trial balance for Jersey Enterprises as of January 9, 2020