ning Objectives 5, 6, 7 ok Figure balance totals = $28,050 HW Group A Problem 2-1A Objective: To record business transactions in T accounts and prepare a trial balance On May 5, 20x1, Michael Ditch started a carpet cleaning business called Best Way Carpet Cleaners. He completed the following transactions during the month: (a) Michael transferred $15,500 from his personal savings account to a bank account for the business. (b) Michael invested a small truck, which he had owned personally, in the business. The value of the truck was $8,000. (c) Paid rent on a small office, $625. (d) Purchased office supplies for cash, $575. (e) Purchased equipment on account, $4,000. (1) Received cash for services performed, $150. (g) Performed services on credit, $350. (h) Purchased truck supplies on account, $125. (1) Paid salary of employee, $550. (1) Paid for repairs to truck, $225. (k) Received $200 for the services performed in Transaction (g). (1) Paid utilities, $315. (m) Paid creditor $75 on the purchase in Transaction (h). 79 Chapter 2 | Recording Business Transactions (n) Michael withdrew cash for personal use, $625. (0) Paid salary of employee, $575. Directions: (1) Draw a set of T accounts with the following titles: Cash; Accounts Receivable; Office Supplies; Truck Supplies; Equipment; Truck; Accounts Payable; Michael Ditch, Capital; Michael Ditch, Drawing; Cleaning Fees; Rent Expense; Salaries Expense; Truck Expense; and Utilities Expense. (2) Record each of the transactions in the T accounts. (3) Foot and calculate the balance of each account and then prepare a trial balance as of May 31, 20X1