Enter the following transactions in T accounts drawn on ordinary notebook paper.

Label each debit and credit with the letter identifying the transaction. Prepare a trial balance at May 31.

(a) On May 10, Fred Rivero opened a bank account in the name of a new business, Sun Travel Service, by making a deposit of $90,000 cash.

(b) On May 13, purchased land for cash of $50,000.

(c) On May 18, a prefabricated building was purchased at a cost of $42,000. A cash payment of $33,000 was made and a note payable was issued for the balance.

(d) On May 20, office equipment was purchased at a cost of $3,000. A cash down payment of $1,000 was made, and it was agreed that the balance should be paid within 30 days.

(e) On May 30, paid $1,000 of the $2,000 liability arising from the purchase of office equipment on May 20.