Chapter 2, Problem 14E

To determine

Concept Introduction:

Double-entry accounting: This accounting needs the accounting equation to remain in balance, two accounts are involved in this, and each debit entry will have its corresponding credit entry with equal amounts. This will make the debit side equal to the credit side, at the end of the year each ledger is balanced and the excess of one side over the other side will be transferred to the next period as balance.

The ending balance of T accounts for the given transactions and the trial balance as on May 31.