Thao Le opened an accounting firm on March 1, 2016. During the month of March, the business completed the following transactions:

Mar 1 The business sold $60.000 of common stock to open the firm. Le & Associates. Inc.

3 Purchased supplies, $275, and furniture, $2,100, on account.

5 Performed accounting service for a client and received cash, $2,200.

8 Paid cash to acquire land for a future office site, $22.000.

11 Prepared tax returns for a client on account, $1,500.

14 Paid assistant's salary, $1.200.

16 Paid $1,750 on account

19 Received $850 cash for accounting services performed.

23 Billed a client for $1,800 of accounting services

28 Received $400 from client on account.

31 Paid assistant's salary, $1 .200.

31 Paid rent expense, $1,700.

31 Paid $1,000 of dividends.

Requirements

1. Open or set up the following T-accounts: Cash, Accounts Receivable, Supplies, Furniture, Land, Accounts Payable, Common Stock, Dividends, Service Revenue, Salaries Expense, and Rent Expense.

2. Journalize transactions. Explanations are not required.

3. Post the transactions to the T-accounts that have been set up for you, using transaction dates as posting references.

4. Calculate the balance in each account.

5. Prepare the trial balance for Le & Associates, Inc., at March 31, 2016?