You are the accountant for Apple Inc. Below are the transactions for the month of May 2024:

Date	Description	Amount
May 1	Issued common stock for cash	$50,000
May 3	Purchased equipment on account	$25,000
May 10	Paid salaries to employees	$5,000
May 15	Received payment from customers	$15,000
May 20	Paid rent for office space	$3,000

Requirements:

1. Prepare journal entries for each transaction.
2. Post the entries to the ledger accounts.
3. Prepare a trial balance as of May 31, 2024.
4. Calculate the net income for May 2024.