During the first month of operations (September 2014), Holt Music Services Corporation completed the following selected transactions:

a. The business received cash of $50,000 and a building with a fair value of $107,000. The corporation issued common stock to the stockholders.

b. Borrowed $60,000 from the bank; signed a note payable.

c. Paid $47,000 for music equipment.

d. Purchased supplies on account, $450.

e. Paid employees’ salaries, $6,100.

f. Received $3,790 for music services performed for customers.

g. Performed services for customers on account, $12,800.

h. Paid $100 of the account payable created in transaction d.

i. Received a $700 bill for utility expense that will be paid in the near future.

j. Received cash on account, $1,600.

k. Paid the following cash expenses: (1) rent, $1,400; (2) advertising, $400.

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 Holt Music Services Corporation at September 30, 2014.