Problem 5 (Continued) 20-- The following transactions occurred during May, the first month of operation: May 1 3 Jordan invested $30,000 cash in the business. The funds were deposited in a business checking account. Purchased stereo equipment and speaker systems from Big Al's Discount Stereo for $7,000: $3,000 cash and $4,000 on account. Purchased compact discs and tapes for $2,500. 4 Purchased lighting equipment for $2,000. 5 Purchased office furniture on account, $500. 7 Purchased a van to be used to haul the equipment to the clients' homes, $9,500. 18 Earned fees for services rendered, $3,800: $800 cash and $3,000 on account. 20 21 25 27 28 29 Paid part-time associates for work performed, $600. Made payment on account for stereo equipment bought on May 3, $1,500. Paid for gas for the van, $40. Paid telephone bill, $80. Received cash for services previously rendered, $1,500. Paid part-time associates, $1,100. 30 Paid rent, $500. 30 30 Made payment on account for stereo equipment bought on May 3, $1,200. Jordan made withdrawal for personal use, $1,000. Required: 1. Enter the transactions in the two-column journal provided on pages 45-46. Use journal page 1 for transactions through May 20. Enter the remainder on page 2. 2. Post the transactions from the journal to the general ledger accounts on pages 47-50. 3. Prepare a trial balance.