Prepare journal entries for the following transactions: May 1 Shareholders invested $15,000 in cash in the business
Question:
Prepare journal entries for the following transactions:
May
1 Shareholders invested $15,000 in cash in the business in exchange for common shares
2 He paid $600 for office rent for the month
3 Bought $500 of supplies on account
5 Paid $150 to advertise in County News
9 Received $1,400 in cash for services rendered
12 Paid a cash dividend of $200
15 Made $4,200 of services on account
17 Paid $2500 for employee wages
20 Paid for supplies purchased on account on May 3
23 Received a cash payment of $1,200 for services rendered on account on May 15
26 Loans $5000 from the bank in a note payable
29 He bought office equipment for $2000 paying $200 in cash and the balance in account
30 Paid $180 for utilities
Fundamental Accounting Principles
ISBN: 978-0071051507
Volume I, 14th Canadian Edition
Authors: Larson Kermit, Tilly Jensen