ABC Enterprises incorporated on May 3, 2019. The company engaged in the following transactions during its first month of operations:

May 3:Issued capital stock in exchange for $800,000 cash.

May 4:Paid May office rent expense of $1,000.

May 5:Purchased office supplies for $400 cash. The supplies will last for several months.

May 15:Purchased office equipment for $8,000 on account. The entire amount is due June 15.

May 18:Purchased a company car for $27,000. Paid $7,000 cash and issued a note payable for the remaining amount owed.

May 20:Billed clients $32,000 on account.

May 26:Declared a $5,000 dividend. The entire amount will be distributed to shareholders on June 26.

May 29:Paid May utilities of $200.

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

May 31:Recorded and paid salary expense of $14,000.

A partial list of the account titles used by the company includes:

CashDividends PayableAccounts Receivable

DividendsOffice SuppliesCapital Stock

Office EquipmentClient RevenueVehicles

Office Rent ExpenseNotes PayableSalary Expense

Accounts PayableUtilities Expense

a.Prepare journal entries, including explanations, for the above transactions.

b.Post each entry to the appropriate ledger accounts.

c.Prepare a trial balance dated May 31, 2019. Assume accounts with zero balances are not included in the trial balance.