Chapter B, Problem 26EA

Record journal entries, post to T-accounts, and prepare an unadjusted trial balance.

(LO 1, 2). Ray & Peters CPAs decided to open its own tax practice, Tax Specialists, Inc. The following transactions are the events that occurred during May, the company’s first month:

Give the journal entry for each transaction. Set up the required T-accounts and post the entries to these accounts. Prepare an unadjusted trial balance.