The trial balance of Bos Personnel Services Inc. on March 1, 2017, lists the entitys assets, liabilities, and shareholders equity on that date. 1.png During March, the business completed the following transactions: Borrowed $70,000 from the bank, with C. Bos signing a note payable in the name of the business. Paid cash of $60,000 to a real estate company to acquire land. Performed service for a customer and received cash of $5,000. Purchased supplies on credit, $300. Performed customer service and earned revenue on account, $4,000. Paid $1,200 on account. Paid the following cash expenses: salary, $3,000; rent, $1,500; and interest, $400. Received $3,100 on account. Received a $200 utility bill that will be paid next month. Declared and paid a dividend of $300. 1. Open the following accounts, with the balances indicated, in the ledger of Bos Personnel Services Inc. Use the T-account format. AssetsCash, $26,000; Accounts Receivable, $4,500; Supplies, no balance; Land, no balance LiabilitiesAccounts Payable, $2,000; Note Payable, no balance Shareholders EquityShare Capital, $10,000; Retained Earnings, $18,500; Dividends, no balance RevenuesService Revenue, no balance ExpensesSalary Expense, Rent Expense, Interest Expense, Utilities Expense (none have balances) 2. Journalize the transactions listed above. Key the journal entries by transaction letter. 3. Post all transactions to the ledger and show the balance in each account after all the transactions have been posted. 4. Use Excel to prepare the trial balance of Bos Personnel Services Inc. at March 31, 2017.
