Refer to exercise E2-24,

In to exercise E2-24

a. In the month of May 2017, Sonia Rothesay opened an accounting firm by investing

$10,000 cash and office furniture valued at $5,000. Organized as a professional corporation, the business issued common shares to Rothesay.

b. Paid monthly rent of $1,600.

c. Purchased office supplies on account, $600.

d. Paid employees' salaries of $2,000.

e. Paid $200 of the account payable created in transaction (c).

f. Performed accounting service on account, $12,100.

g. Declared and paid dividends of $2,000.

Requirements

1. After recording the transactions in exercise E2-24, prepare the trial balance of Sonia Rothesay, Accountant, at May 31, 2017.

2. How well did the business perform during its first month? Give the basis for your answer.