from C Chapter 2 Checkpoint Probl Chapter2Checkpoint#2: * + CHAPTER 2 CHECKPOINT #2 The following transactions for Paige's Pest Removal Co. were completed during May: May 1 Shareholders invested $10,000 cash in exchange for shares of stock. 1 Paid $1,400 cash for May rent on an office 2 Purchased $1,500 supplies on account from ChemEx Company. 5 Purchased two vans costing $25,000; paid $4,000 cash and signed a promissory note for the balance due. 8 Borrowed $6,000 cash from the bank and signed a promissory note for the balance due. 12 Purchased a 1-year auto insurance policy for $1,800 cash. 15 Performed pest removal services and received $9,000 cash from customers. 17 Made a $1,000 cash payment on account to ChemEx (related to the May 2 purchase). 20 Performed pest removal services and billed the customers $8,500. 23 Declared and paid $900 cash dividends to shareholders. 27 Received a $1,300 cash advance from a local business for pest removal services to be performed for the business over the next 4 months beginning on June 1. 28 Received $2,000 cash on account from previously billed customers. 30 Paid cash for an employee's salary for May, $2.400. 31 Received the May utility bill of $1,100-the bill will be paid in June. REQUIRED: A In the attached general journal, journalize (in good form) the effects of the above transactions. Note, you may want to review the attached general ledger of accounts before you journalize to familiarize yourself with specific account titles. B. Post your journal entries from part A to the attached general ledger of accounts. C. Prepare a trial balance below. PAIGE'S PEST REMOVAL CO. TRIAL BALANCE AS OF MAY 31 DR CR Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accounts Payable Notes Payable