Question: Eli owns an insurance office, while Olivia operates a maintenance service that provides basic custodial duties. For the month of May, the following transactions occurred.

Eli owns an insurance office, while Olivia operates a maintenance service that provides basic custodial duties. For the month of May, the following transactions occurred.

May 2 Olivia decides that she will need insurance for a one-day special event at the end of the month and pays Eli $300 in advance.

May 5 Olivia provides maintenance services to Eli’s insurance offices on account, $425.

May 7 Eli borrows $500 from Olivia by signing a note.

May 14 Olivia purchases maintenance supplies from Spot Corporation, paying cash of $200.

May 19 Eli pays $425 to Olivia for maintenance services provided on May 5.

May 25 Eli pays the utility bill for the month of May, $135.

May 28 Olivia receives insurance services from Eli equaling the amount paid on

May 2.

May 31 Eli pays $500 to Olivia for money borrowed on May 7.

Required:

Record each transaction for Eli’s Insurance Services. Keep in mind that Eli may not need to record each transaction.

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