Chapter 2, Problem 2.37SE

(Learning Objectives 4, 5; Journalize and poet transactions; construct and use a trial balance) Olivia Matthews, Certified Public Accountant, operates as a professional corporation (P.C.). The business completed these transactions during the first part of May 2018:

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

Requirements

1. 1. Journalize the transactions for Olivia Matthews, Certified Public Accountant. Explanations are not required.
2. 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. 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.