Question: Exercise 2 At the first of May lbrahim started a new business, with $200,000 cash as a capital. The following transactions occurred during the month.

Exercise 2 At the first of May lbrahim started a new business, with $200,000 cash as a capital. The following transactions occurred during the month. 1. A new car purchased of $30,000 cash. 2. Ibrahim bought 10 computers for the new business of $10,000 paid cash. 3. Adverting of $ 2000 on account. 4. Cash of $8000 was received for his consultant revenue. 5. Cash of $2000 was received for on-sights training revenue that will be performed after tow months. 6. Ibrahim paid salaries of $3000 cash. 7. Paid creditors for account payable due $1000 cash. Instructions a) Journalize May. transactions b) Post the May journal entries to the ledger c)Prepare a trial balance on May. 30, 2016. Answer: A) General Journal

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