Student B is required to create a General Ledger for Company Beta based on the following transactions for the month of January 2024:

• Jan 1: Started business with cash investment of $50,000.
• Jan 5: Purchased inventory for $10,000 on credit.
• Jan 10: Sold goods for $8,000 in cash.
• Jan 15: Paid $5,000 for rent expense.
• Jan 20: Collected $7,000 from accounts receivable.
• Jan 25: Paid $2,000 for utilities expense.
• Jan 31: Declared and paid dividends of $3,000. Create the necessary ledger accounts and post the transactions accordingly.