LO3-3, LO3-5, L03-8, L03-9 EXERCISE 3.10 Journalizing, Posting, and Preparing a Trial Balance Janet Enterprises incorporated on May 3, current year. The company engaged in the following transactions during its first month of operations. Purchased office supplies for $600 cash. The supplies will last for several months. Purchased office equipment for $12,400 on account. The entire amount is due June 15. Purchased a company car for $45,000. Paid $15,000 cash and issued a note payable for the remaining amount owed. May 3 Issued capital stock in exchange for $950,000 cash. May 4 May 5 Paid May office rent expense of $1,800. May 15 May 18 May 20 May 26 May 29 May 30 May 31 Billed clients $120,000 on account. Declared an $8,000 dividend. The entire amount will be distributed to shareholders on June 26. Paid May utilities of $500. Received $90,000 from clients billed on May 20. Recorded and paid salary expense of $32,000. A partial list of the account titles used by the company includes the following. Cash Accounts Receivable Office Supplies Dividends Payable Dividends Capital Stock Office Equipment Vehicles Notes Payable Accounts Payable Client Revenue Office Rent Expense Salary Expense Utilities Expense