During the first month of operations, May 2017, New Pane Windows Inc. completed the following transactions:

May........2.... New Pane received $30,000 cash and issued common shares to shareholders.

.............3.... Purchased supplies, $1,000, and equipment, $2,600, on account.

.............4 ... Performed services, and received cash, $1,500.

.............7 ....Paid cash to acquire land for an office site, $22,000.

........... 11 ....Repaired a window, and billed the customer $500.

............16 ....Paid for the equipment purchased May 3 on account.

............17 ....Paid the telephone bill, $95.

...........18 .....Received partial payment from client on account, $250.

...........22 .....Paid the water and electricity bills, $400.

...........29 .....Received $2,000 cash for installing a new window.

...........31 .....Paid employee salary, $1,300.

..........31 Declared and paid dividends of $1,500.

Requirements

Set up the following T-accounts: Cash, Accounts Receivable, Supplies, Equipment, Land, Accounts Payable, Share Capital, Dividends, Service Revenue, Salary Expense, and Utilities Expense.

1. Record each transaction in the journal, using the account titles given. Key each transaction by date. Explanations are not required.

2. Post the transactions to the 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, 2017.

4. The manager asks you how much in total resources the business has to work with, how much it owes, and whether May 2017 was profitable (and by how much). Calculate the amounts needed to answer her questions?