Huff \& Company, Electrical Contractors began operations on May 1. The following transactions occurred during the month of May:

1 Stockholders invested \(\$ 65,000\) in the business in exchange for common stock.

2 Purchased equipment on account, \(\$ 4,200\).

3 Returned \(\$ 200\) of equipment that was not satisfactory. The return reduced the amount owed to the supplier.

4 Purchased supplies on account, \(\$ 940\).

5 Purchased a truck for \(\$ 12,500\). The company paid \(\$ 5,500\) cash and gave a note payable for the balance.

6 Paid rent for May, \(\$ 875\).

7 Paid fuel cost for truck, \(\$ 60\).

8 Billed customers for services rendered, \(\$ 15,700\).

9 Paid \(\$ 4,400\) on account for equipment purchased on May 2.

10 Paid utilities for May, \(\$ 210\).

11 Received invoice for May advertising, to be paid in June, \(\$ 280\).

12 Paid employees' wages, \(\$ 5,350\).

13 Collected \(\$ 8,600\) on accounts receivable.

14 The company paid stockholders a dividend of \(\$ 2,500\) cash.

15 Paid interest for May on an outstanding note payable, \(\$ 75\).

Required

a. Create journal entries and record the above transactions in T-accounts, and key entries with the numbers of the transactions. The following accounts will be needed to record the transactions for May: Cash; Accounts Receivable; Supplies; Equipment; Truck; Accounts Payable; Notes Payable; Common Stock; Dividends; Service Revenue; Rent Expense; Wages Expense; Utilities Expense; Truck Expense; Advertising Expense; and Interest Expense.

b. Prepare a trial balance as of May 31 .