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Paula Pulitzer started her specialty dread$-$loc beauty salon, Pull It Together Loc Salon, on January $1,2024.$ During the first month of operations, the business completed the following transactions:

Jan $1$ Received $$50,000$ cash and a building with a market value of $$50,000,$ and gave capital to Pulitzer.

$2$ Purchased beauty supplies, $$5,000,$ on account.

$3$ Hired two Loc Stylists who will earn $50\%$ of service fees charged to customers.

$5$ Made a prepayment for $12$ months of insurance coverage, $$3,000.$

$6$ Received advance payment of $$1,000,$ for two customers to be serviced in the near future.

$7$ Paid cash to purchase $$5,000$ of salon furniture, and $$10,000$ of salon equipment.

$8$ Paid $$250$ monthly licensing fee for online salon client appointment booking app.

$31$ Family and Friends of Pulitzer hosted a Grand Opening Party at the salon.

$31$ Paid the Loc Stylists wages earned for the $\frac{1}{16}-\frac{1}{31}$ cash customers noted above.

Pulitzer withdrew cash for personal use, $$2,500.$

Required:

Journalize the transactions noted above.

Open T$-$accounts for the accounts affected by the transactions noted above.

Post the transactions to the $T-$accounts.

Calculate the balance of each account and label it "Bal."

Prepared the Trial Balance as of January $31,2024.$

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