ABC Inc., a retailer, had the following account balances as of April 30, 2006:
Cash . . . . . . . . $ 5,050
Accounts Receivable . .2,450
Inventory . . . . . . .8,000
Land . . . . . . . . .13,000
Building . . . . . . .12,000
Furniture . . . . . . .2,000
Notes Payable . . . . . . . . . . . . . . $12,500
Accounts Payable . . . . . . . . . . . . . .6,000
Capital Stock . . . . . . . . . . . . . . .15,000
Retained Earnings . . . . . . . . . . . . . 9,000
Totals . . . . . . . .$42,500 $42,500
During May, the company completed the following transactions.
May 3 Paid one-half of 4/30/06 accounts payable.
4 Purchased inventory on account, $5,000.
6 Collected all of 4/30/06 accounts receivable.
7 Sold inventory costing $3,850 for $3,000 cash and $2,000 on account.
8 Sold one-half of the land for $6,500, receiving $4,000 cash plus a note for $2,500.
15 Paid installment of $2,500 on notes payable (entire amount reduces the liability account).
21 Issued additional capital stock for $1,000 cash.
23 Sold inventory costing $2,000 for $3,750 cash.
25 Paid salaries of $1,000.
26 Paid rent of $250.
29 Purchased desk for $250 cash.
Prepare a trial balance as of May 31, 2006.