During the first month of operations (April 2016), Stein Music Services Corporation completed the following selected transactions:
a. The business received cash of $44,000 and a building with a fair value of $ 106,000. The corporation issued common stock to the stockholders.
b. Borrowed $63,000 from the bank; signed a note payable.
c. Paid $49,000 for music equipment.
d. Purchased supplies on account, $230.
e. Paid employees' salaries, $6,000.
f. Received $3,710 for music services performed for customers.
g. Performed services for customers on account, $13,300.
h. Paid $ 100 of the account payable created in transaction d.
i. Received an $800 bill for utility expense that will be paid in the near future,
j. Received cash on account, $ 1,200.
k. Paid the following cash expenses: (1) rent, $1,100; (2) advertising, $700.
Requirements
1. Record each transaction directly in the T-accounts without using a journal. Use the letters to identify the transactions.
2. Prepare the trial balance of Stein Music Services Corporation at April 30, 2016.