Jane Kent is a licensed accountant. During the first month of operations of her business, Jane Kent, Accountant, the following events and transactions occurred.

May 1 Shareholders invested €25,000 cash in exchange for ordinary shares.

2 Hired a secretary-receptionist at a salary of €2,000 per month.

3 Purchased €2,500 of supplies on account from Read Supply company.

7 Paid office rent of €900 cash for the month.

11 Completed a lax assignment and hilled client €2,100 for services provided.

12 Received €3,500 advance on a management consulting engagement.

17 Received cash of €1,200 for services completed for H. Arnold Co.

31 Paid secretary-receptionist €2,000 salary for the month.

31 Paid 40% of balance due Read Supply Company.

Jane uses the following chart of accounts: No. 101 Cash. No. 112 Accounts Receivable, No. 126 Supplies, No. 201 Accounts Payable, No. 209 Unearned Revenue, No. 311 Share Capital— Ordinary, No. 400 Service Revenue, No. 726 Salaries Expense, and No. 729 Rent Expense.

Instructions

(a) Journalize the transactions.

(b) Post to the ledger accounts.

(c) Prepare a trial balance on May 31, 2011.