Duncan Leong started a consulting firm called Good Tidings. He began operations and completed five transactions in May that resulted in the following accounts. All the accounts have normal balances.

Cash $50,700

Prepaid insurance 4,800

Office equipment 24,750

Accounts payable 24,750

Duncan Leong, Capital 30,000

Consulting fee earned 36,000

Rental expense 10,500

Required: (a) Prepare a trial balance for this business as at the end of May.

(b) Analyse the accounts and their balances and prepare a list that describes each of the five most likely transactions.

(c) Journalize these transactions.