during the first month of operation, the following transactions occurred for astromech accounting services

P3-7B During the first mon During the first month of operations, the following transactions occurred for Astromech Accounting Services Inc.: May 1 Issued common shares for $20,000 cash. 1 Paid office rent of $950 for the month. 4 Hired a secretary-receptionist at a salary of $2,000 per month. She started work the same day. 4 Purchased $750 of supplies on account from Read Supply Corp. 11 Completed an income tax assignment and billed client $2,725 for services provided. 12 Received $3,500 in advance on a management consulting engagement. 15 Received $2,350 for services completed for Arnold Corp. 20 Received $1,725 from client for work completed and billed on May 11. 22 Paid one-third of balance due to Read Supply Corp. (See May 4 transaction.) 25 Received a $275 telephone bill for May, to be paid next month. (Hint: Use the Utilities Expense account to record telephone services.) 29 Paid secretary-receptionist $2,000 salary for the month. 29 Paid monthly income tax instalment, $300. 29 Declared and paid $250 dividend. "nstructions a) Journalize the transactions. h) Set up T accounts and post the journal entries to the general ledger. id that thic rocese to