During the first month of operations (March 2010), Silver Entert

During the first month of operations (March 2010), Silver Entertainment Corporation completed the following selected transactions:
a. The business received cash of $32,000 and a building valued at $52,000. The corporation issued common stock to the stockholders.
b. Borrowed $35,800 from the bank; signed a note payable.
c. Paid $32,000 for music equipment.
d. Purchased supplies on account, $200.
e. Paid employees salaries, $2,300.
f. Received $1,700 for music service performed for customers.
g. Performed service for customers on account, $2,800.
h. Paid $100 of the account payable created in Transaction d.
i. Received a $900 bill for advertising expense that will be paid in the near future.
j. Received cash on account, $1,600.
k. Paid the following cash expenses:
(1) Rent, $1,200;
(2) Advertising, $800.

1. Record each transaction directly in the T-accounts without using a journal. Use the letters to identify the transactions.
2. Prepare the trial balance of Silver Entertainment Corporation, at March 31, 2010.

Common Stock
Common stock is an equity component that represents the worth of stock owned by the shareholders of the company. The common stock represents the par value of the shares outstanding at a balance sheet date. Public companies can trade their stocks on...
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...