Garnett Silk, after completing his medical education, established his own practice called Silk, Inc. on May 1. Transactions took place during the first month were as follows: May1: Mr. Silk started the business by depositing 80000 received from the sale of capital stock. May1: Obtained credit from the bank to be paid in six installments, $60,000. May1: Purchased land and building for 50000, paying cash. Fair market values of land and building were $20,000 and $30,000 respectively. May2: Purchased medical equipment from Niles Med., Inc. at a cost of $9,000. A cash down payment $1,000 was made and a note payable was signed for the remaining amount. May4: Bought $500 of office supplies on account. May8: Treated Michael Rose for several injuries caused in the accident. The patient paid $120 for the office visit and agreed to pay $40 on June 2 for the medical tests made. May15: Paid secretary's salary, $570. May 16: Sold on account some of the equipment purchased on May 2, $900. May18: Paid $1,500 cash to purchase some medical equipment to be used. May20: Declared and paid a 5800 cash dividend to the company's stockholders. May24: Treated several patients and received $3,000 in cash. May27: Collected the amount for the equipment sold on May 16. May28: Purchased medical equipment on account, $800. May30: Paid secretary's salary, $570. May30: Received electricity bill for the month, $100. May31: Paid the first installment to the bank for the credit obtained on May1. Instructions: Journalize each transaction. Post to the ledger. Prepare the trial balance of Silk, Inc., at May 31, 2012