During the first month of operations, May 2020, New Pane Windows Inc. completed the following transactions:

{Requirements}
1. Record each transaction in the journal using account titles that accurately reflect the nature of the activities being allocated to them. Key each transaction by date. Explanations are not required.
2. Post the transactions to \(\mathrm{T}\)-accounts, using transaction dates as posting references. Label the ending balance of each account Bal., as shown in the chapter.
3. Prepare the trial balance of New Pane Windows, at May 31, 2020 4. The manager asks you how much in total resources the business has to work with, how much it owes, and whether May 2020 was profitable (and by how much). Calculate the amounts needed to answer her questions.

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May 2 New Pane received $30,000 cash and issued common shares to shareholders. 3 4 7 11 16 17 18 22 29 31 31 Purchased supplies, $1,000, and equipment, $2,600, on account. Performed services, and received cash, $1,500. Paid cash to acquire land for an office site, $22,000. Repaired a window, and billed the customer $500. Paid for the equipment purchased May 3 on account. Paid the telephone bill, $95. Received partial payment from client on account, $250. Paid the water and electricity bills, $400. Received $2,000 cash for installing a new window. Paid employee salary, $1,300. Declared and paid dividends of $1,500.