Module 2: Journalization, Posting, and Trial Balance See Tracking Calendar Using the information from the Classification Exercise, you now have figured out which accounts you will need. Put the transactions below in pro forma and complete the required journal entries, posting, and check your work with a trial balance. Use the Excel templates provided in Blackboard. May 1 Owner invested $20,000 cash into the business. May 3 Purchased equipment on account for $10,000. May 5 Paid 12 months insurance in advance for $1,200. May 9 Paid $1,000 for supplies. May 11 Performed a service for $13,000 of which we collected $500 and the balance will be paid on account. May 15 Paid the telephone bill $200. May 22 The owner withdrew $400 for personal use. May 24 Paid $1,000 on account that we owed for May 3 purchase. May 29 Received $1,500 in advance for a service to be completed at a later date. May 31 Received $1,500 on account from a customer for work performed on May 11.