Golden Hurricane Company plans to own and operate a storage rental facility. For the first month of operations, the company has the following transactions.
1. Issue 10,000 shares of common stock in exchange for $39,000 in cash.
2. Purchase land for $22,500. A note payable is signed for the full amount.
3. Purchase storage container equipment for $8,700 cash.
4. Hire three employees for $2,700 per month.
5. Receive cash of $12,700 in rental fees for the current month.
6. Purchase office supplies for $2,700 on account.
7. Pay employees $8,100 for the first month's salaries.
Record each transaction
Post each transaction to T-accounts and calculate the ending balances. For each posting, indicate the corresponding transaction number and the appropriate transaction amount. Since this is the first month of operations, all T-accounts have a beginning balance of zero.
Prepare a trial balance.