May1, Business owner Bill Doors invested $200,000 in cash and office equipment worth $48,000 in the business bank account

2.    May1st, prepaid $14,400 cash for three month office rent.

3.    May2nd, made credit purchase of office equipment for $24,000 and office supplies for $4800

4.    May6, completed services for a client and received $4000 cash.

5.    May9, completed a $16,000 project service for a patient, who will pay within 30 days.

6.    May10, paid balance owing on May2nd.

7.    May19, paid $12,000 cash for the annual liability insurance premium

8.    May22, received $12,800 as partial payment for the services done on May9.

9.    May25, completed consulting services for another client for $5280 on account.

10.  May31, Bill Doors withdrew $12,400 cash for personal use.

11.  May31, purchased $1600 additional office supplies on account.

12.  May31, paid $1400 for the monthly utility bill.

Required:  

 making entries 

  T-Account to add the balance for each account  

  Trial Balance

 Financial Statements

 

Answer rating: 100% (QA)

Here are the journal entries for the transactions May 1 CashDR 200000 Office EquipmentDR 48000 CapitalCR 248000 Bill Doors invested 200k cash and 48k ... View the full answer