QUIZ 1 - FINANCIAL ACCOUNTING SNHU20E3 - Time duration: 45' Sammy Baden incorporated Baden Consulting, an accounting practice, on May 1, 2020. During the first month of operation, these events and transaction occurred? May 1 Stockholders invested 550,000 cash in exchange for common stock of the corporation. 5 Hired a secretary-receptionist at a salary of $2,000 per month. 6 Purchased $800 of supplies on account from Fleming Supply Company. 9 Paid office rent of $1,100 for the month. 11 Completed a tax assignment and billed client $1,000 for services provided. 15 Earned revenue of $ 4500, of which $ 2000 is collected in cash and the balance (remainder) is due in the next month. 15 Received $4,200 advance on a management consulting engagement. 17 Received cash of $3,600 for services completed for Goodman Co. 21 Incurred a payment of utilities $600 31 Paid secretary-receptionist $2,000 salary for the month. 31 Paid 50% of balance due Fleming Supply Company, Instructions a) Journalize the transactions, including explanations. b) Post to the ledger T accounts. c) Prepare a trial balance on May 31, 2020