Transaction Analysis and Trial Balance Huff & Company, Electrical Contractors began operations on May 1. The following transactions occurred during the month of May: 1 Stockholders invested $65,000 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, $940. 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 $4,400 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. 14 The company paid stockholders a dividend of $2,500 cash. 15 Paid interest for May on an outstanding note payable, $75. 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: Cash; Accounts Receivable; Supplies; Equipment; Truck; Accounts Payable; Notes Payable; Common Stock; Dividends; Service Revenue; Rent Expense; Wages Expense; Utilities Expense; Truck Expense; Advertising Expense; and Interest Expense General Journal Debit Ref, Credit Description (1) 0 0 0 To record issuance of common stock. (2) 0 0 0 To record purchase of equipment on account. 3) 0 To record return of equipment on account. (4) 0 0 To record supplies purchased on account. (5) 0 0 Cash 0 0 To record purchase of truck (5) 0 To record payment for rent. (7) 0 0 To record fuel expense for truck. (8) 0 0 0 To record billings for service revenue. (9 0 To record payrment of equipment purchased (10) 0 To record payment of utilities expense. (11) 0 To record invoice for advertising. (12) # To record payment of salaries. (13) 0 # To record cash collected form customers. (14) 0 0 0 0 To record payment of dividends. (15) 0 To record payment of interest expense Notes Payable Cash Accounts Receivable Truck (1) (8) (5) 5) Bal (5) 13) C Bal 0 0 (G) 0 C Bal 0 (7) 0 C (9) D 0 (10) 0 (12) 0 0 (13) 0 (14) 0 (15) 0 C 0 Bal C 0 Accounts Payable Common Stock Interest Expense Service Revenue (2) (15) (3) 0 Bal Bal Bal 0 0 (4) 0 0 (9) 0 0 (11) Bal Truck Expense Advertising Expense Rent Expense Wage Expense |(6) |(7) (12) 0 0 0 0 (11) 0 0 Bal Bal Bal Bal 0 0 0 0 Utilities Expense Supplies Dividends Equipment |(14) (10) 0 (4) 0 0 0 (2) 0 (3) 0 Bal Bal Bal 0 0 0 0 Bal 0 b. Prepare a trial balance as of May 31. HUFF & COMPANY, ELECTRICAL CONTRACTOR Trial Balance May 31 Debit Credit Cash $ 0 $ 0 Accounts Receivable Supplies 0 0 Equipment 0 Truck 0 0 Accounts Payable 0$ 0 Notes Payable 0 Common Stock 0 0 Dividends 0 Service Revenue 0 0 Rent Expense 0 Utilities Expense 0 0 Truck Expense 0 Advertising Expense O 10 Interest Expense 0 Wages Expense 0 $ 0 $ 0 Totals