Janet Enterprises incorporated on May 3, current year. The company engaged in the following transactions during its first month of operations.

May 3 Issued capital stock in exchange for $950,000 cash.

May 4 Paid May office rent expense of $1,800.

May 5 Purchased office supplies for $600 cash. The supplies will last for several months.

May 15 Purchased office equipment for $12,400 on account. The entire amount is due June 15.

May 18 Purchased a company car for $45,000. Paid $15,000 cash and issued a note payable for the remaining amount owed.

May 20 Billed clients $120,000 on account.

May 26 Declared an $8,000 dividend. The entire amount will be distributed to shareholders on June 26.

May 29 Paid May utilities of $500.

May 30 Received $90,000 from clients billed on May 20.

May 31 Recorded and paid salary expense of $32,000.

A partial list of the account titles used by the company includes the following.

Cash...................Dividends Payable

Accounts..............Receivable Dividends

Office Supplies......Capital Stock

Office Equipment...Client Revenue

Vehicles...............Office Rent Expense

Notes Payable.........Salary Expense

Accounts Payable.....Utilities Expense

a. Prepare journal entries, including explanations, for these transactions.

b. Post each entry to the appropriate ledger accounts (use the T account format illustrated in Exhibit 3-8).

c. Prepare a trial balance dated May 31, current year. Assume accounts with zero balances are not included in the trial balance.