Olivia Matthews, Certified Public Accountant, operates as a professional corporation (P.C.). The business completed these transactions during the first part of May 2018:

Requirements

1. Journalize the transactions for Olivia Matthews, Certified Public Accountant. Explanations are not required.

2. Post to the T-accounts. Key all items by date and determine the ending balance in each account. Denote an account balance on May 18, 2018, as Bal.

3. Prepare a trial balance at May 18, 2018. In the Serial Exercise of Chapter 3, we will add transactions for the remainder of May and will require a trial balance at May 31.

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Received $12,000 cash from Matthews, and issued common stock to her. Paid monthly office rent, $500. Paid cash for a desktop computer, $1,800, with the computer expected to remain in service for five years. May 2 2 3 4 Purchased office furniture on account, $6,000, with the furniture projected to last for five years. Purchased supplies on account, $900. 9 Performed tax services for a client and received cash for the full amount of $600. Received bill and paid utility expenses, $750. Performed consulting services for a client on account, $3,100. 12 18