Novak Corp. Trial balance Debit Credit Credit $ S T Totals $ Textbook and Media Julia Dumars is a licensed CPA. During the first month of operations of her business, Novak Corp., the following events and transactions occurred May 1 2 3 7 11 Stockholders invested $ 23,400 cash in exchange for common stock Hired a secretary-receptionist at a salary of $ 2,500 per month. Purchased $ 1,700 of supplies on account from Vincent Supply Company Paid office rent of $ 750 cash for the month Completed a tax assignment and billed client $ 2.900 for services performed. Received $ 2,800 advance on a management consulting engagement. Received cash of $1,800 for services performed for Orville Co. Poid secretary receptionist $ 2,500 salary for the month, Paid 50% of balance due Vincent Supply Company 12 17 31 31 Julia uses the following chart of accounts: No. 101 Cash, No. 112 Accounts Receivable, No 126 Supplies No. 201 Accounts Payable, No 209 Unearned Service Revenue, No 311 Common Stock, No 400 Service Revenue, No. 726 Salaries and Wages Expense, and No. 729 Rent Expense (a) Your answer is correct