QUESTION 12 Incomplete answer Marked out of 220.00 Transaction Analysis and Trial Balance Walsh & Company, Electrical Contractors began operations on May 1. The following transactions occurred P Flag question during the month of May: May Stockholders invested $60,000 in the business in exchange for common stock. 2 Purchased equipment on account, $4.200. 3 Returned $200 of equipment that was not satisfactory. The returned reduced the amount owed to the supplier. 4 Purchased supplies on account. $860. 5 Purchased a truck for $12,500. Walsh paid $5,500 cash and gave a note payable for the balance. 6 Paid rent for May $875 7 Paid fuel cost for truck, $60 8 Billed customers for services rendered, $15,700 9 Paid $5,000 on account for the equipment purchased on May 2. 10 Paid utilities for May. $210. 11 Received invoice for May advertising, to be paid in June, $280 12 Paid employees wages, $5,350. 13 Collected $8,600 on accounts receivable 1 14 Walsh paid stockholders a dividend of s2500 cash 15 Paid interest for May on an outstanding note payable, $80 Required a. Create journal entries and record the above transactions in T-accounts, and key entries with the numbers of the transactions. The following accounts will be needed to record the transactions for May SCoursc = Menu To record supplies purchased on account Cash To record purchase of truck To record payment for rent. To record fuel expense for truck. To record billings for service revenue. usinessCourse E Menu To record payment of equipment purchased (10) To record payment of utilities expense. To record invoice for advertising (12) To record payment of salaries. (13) To record cash collected form customers (14) To record payment of dividends. (15) To record payment of interest expense. Cash Accounts Receivable 0 (13) 0 Bal Truck 0 (10) (12) (13) Bal Notes Payable (14) Bal (15) Bal 0 Accounts Payable Common Stock 0 Bal Interest Expense (15) Bal Bal Service Revenue Bal Rent Expense Wage Expense (12) Bal Bal Truck Expense Advertising Expense Bal Bal Utilities Expense Supplies (10) Bal Bal Dividends Equipment (14) Bal 0 Bal b. Prepare a trial balance as of May 31 WALSH&COMPANY, ELECTRICAL CONTRACTOR Trial Balance May 31 Debit Credit Cash Accounts Receivable Supplies 0 Equipment Truck 0 Accounts Payable