Facebook Inc.

Transactions for the month of May 2024:

1. Issued common stock for $70,000 cash.
2. Purchased inventory on credit for $30,000.
3. Paid $10,000 for rent.
4. Sold goods costing $20,000 for $50,000 on credit.
5. Paid $12,000 in salaries.
6. Paid $3,000 for utilities.
7. Collected $40,000 from customers on account.
8. Paid $15,000 for advertising.

Required:

1. Prepare the journal entries for the above transactions.
2. Post the journal entries to the Ledger Accounts.
3. Calculate the Trial Balance as at 31 May 2024.