# Schrand Aerobics, Inc., rents studio space (including a sound system) and specializes in offering aerobics classes. On January 1, 2013, its beginning account balances are as follows: Cash, $5,000; Accounts Receivable,$5,200; Equipment, $0; Notes Payable,$2,500; Accounts Payable, $1,000; Common Stock,$5,500; Retained Earnings, $1,200; Services Revenue,$0; Rent Expense, $0; Advertising Expense,$0; Wages Expense, $0; Utilities Expense,$0; Interest Expense, $0. The following transactions occur 1 answer ###### Question: Schrand Aerobics, Inc., rents studio space (including a sound system) and specializes in offering aerobics classes. On January 1, 2013, its beginning account balances are as follows: Cash,$5,000; Accounts Receivable, $5,200; Equipment,$0; Notes Payable, $2,500; Accounts Payable,$1,000; Common Stock, $5,500; Retained Earnings,$1,200; Services Revenue, $0; Rent Expense,$0; Advertising Expense, $0; Wages Expense,$0; Utilities Expense, $0; Interest Expense,$0.
The following transactions occurred during January.
(1) Paid $600 cash toward accounts payable (2) Paid$3,600 cash for January rent
(3) Billed clients $11,500 for January classes (4) Received$500 invoice from supplier for T-shirts given to January class members as an advertising promotion
(5) Collected $10,000 cash from clients previously billed for services rendered (6) Paid$2,400 cash for employee wages
(7) Received $680 invoice for January utilities expense (8) Paid$20 cash to bank as January interest on notes payable
(9) Declared and paid $900 cash dividend to stockholders (10) Paid$4,000 cash on January 31 to purchase sound equipment to replace the rental system
Required:
a. Prepare journal entries for each of the transactions 1 through 10.
b. Set up acounts,including beginning balances,for cach of the accounts used in part a. Post the journal entries to those T-accounts.

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