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3,5 e of $106,000. The P2-67B. (Learning Objectives 3, 5: Analyze the impact of business transactions on accounts and construct a trial balance) During the first month of operations (May 2012 Shreve Music Corporation completed the following selected transactions: a. The business received cash of $46,000 and a building with a fair value of $106.00 corporation issued common stock to the stockholders. b. Borrowed $60,000 from the bank; signed a note payable. c. Paid $47,000 for music equipment. d. Purchased supplies on account, $530. e. Paid employees' salaries, $5,700. f. Received $3,710 for music services performed for customers. g. Performed services for customers on account, $12.900. h. Paid $300 of the account payable created in transaction d. i. Received a $700 bill for utilities expense that will be paid in the near future. j. Received cash on account, $1,200. k. Paid the following cash expenses: (1) rent, $1,100; (2) advertising, $800. Requirements 1. Record each transaction directly in the T-accounts without using a journal. Use the letters to identify the transactions. Determine the ending balance in each account. 2. Prepare the trial balance of Shreve Music Corporation at May 31, 2018