General journal entry, T account, Trial Balance, Income Statement, Balance Sheet, prepare closing entries

3. Serena Designs has following accounts in its general ledger: Cash: Accounts Receivable: Supplies; Office Equipment; Accounts Payable; Common Stock, Dividends; Service Fees Earned; Rent Expense and Salaries Expense. Prepare general journal entries to record the following transactions: May 1 Shareholders invested $220,000 cash in exchange for stock 2 Paid May rent, $10,600. 4 Purchased office equipment for $18,000, paying $6,000 cash, with the balance due on account in 60 days. 5 Purchased supplies on account, $4,600. 12 Billed clients for services, $11,600 18 Collected $7,600 on account from clients. 19 Paid $3,000 on account to suppliers. 26 Paid $18,000 cash dividends. 31 Paid salaries for May, $6,400