P2-69B. (Learning Objectives 4, 6: Analyze the impact of business transactions on accounts; construct and use a trial balance) During the first month of operations (May 2016), Spahr Music Corporation completed the following selected transactions a. The business received cash of $50,000 and a building with a fair value of $106,000 The corporation issued common stock to the stockholders b. Borrowed $63,000 from the bank; signed a note payable c. Paid $44,000 for music equipment. d. Purchased supplies on account, $210 e. Paid employees' salaries, S5,900 f. Received $3,700 for music service performed for customers. g. Performed service for customers on account, $13,100 h. Paid $200 of the account payable created in transaction d. i. Received a $600 bill for utilities expense that will be paid in the near future j. Received cash on account, $1,700 k. Paid the following cash expenses: (1) rent, $1,200; (2) advertising, $300 Requirements 1. Record each transaction directly in the T-accounts without using a journal. Use the letters to identify the transactions. 2. Prepare the trial balance of Spahr Music Corporation at May 31,2016