2 DR. SCHEKTER, opened a veterinary clinic on May 1, 2020. The business transactions 3 for may are shown below. 5 May 1 Dr. Schekter invested $400,000 cash in the business in exchange for 5,000 shares of 6 capital stock 7 May 4 Land and a building were purchased for $250,000 of this amount, $70,000 applied to 8 the land, and $180,000 to the building. A cash payment of $100,000 was made at the 9 time of the purchase, and a note payable was issued for the remaining balance. 10 May 9 Medical instruments were purchased for $130,000 cash. 11 May 16 Office fixtures and equipment were purchased for $50,000, Dr. Schekter paid $20,000 12 at the time of purchase and agreed to pay the entire remaining balance in 15 days. 13 May 21 Office supplies expected to last several months were purchased for $5,000 cash. 14 May 24 Dr. Schekter billed clients $2,200 for services rendered. Of this amount, $1,900 was 15 received in cash, and $300 was billed on account (due in 30 days). 16 May 27 A $400 invoice was received for several radio advertisements aired in May. The entire 17 amount is due on June 5. 18 May 28 Received a $100 payment on the $300 account receivable recorded May 24. 19 May 31 Paid employees $2,800 for salaries eamed in May 20 1 Instructions 2 1. Prepare the journal entries (including explanations) for each transaction. 3 2. Post each transaction to the appropriate ledger account (use T-accounts) 4 3. Prepare the trial balance dated May 31, 2020 (35 pts.) (35 pts.) (30 pts