. For each T-account: 1. Identify the account as an Asset, Liability, Common Stock, Dividend, Revenue...

Transcribed Image Text:

. For each T-account: 1. Identify the account as an Asset, Liability, Common Stock, Dividend, Revenue or Expense 2. Mark the Debit and the Credit as either a + or - Prepare properly formatted General Journal Entries with Explanations and Post to the T-accounts. May 1 Stockholders invested $15,000 cash in the business in exchange for common stock. 2 Paid $600 for office rent for the month. 3 Purchased $500 of supplies on account. - (Accounts Receivable OR Accounts Payable) 5 Paid $150 to advertise in the County News. 9 Received $1,400 cash for services performed. 12 Paid $200 cash dividend. 15 Performed $4,200 of services on account. 17 Paid $2,500 for employee salaries. 20 Paid for the supplies purchased on account on May 3. 23 Received a cash payment of $1,200 for services performed on account on May 15. 26 Borrowed $5,000 from the bank on a note payable. 29 Purchased office equipment for $2,000 paying $200 in cash and the balance on account 30 Paid $180 for utilities Incorrect Question 1 On May 1, the journal entry included a: Credit to Cash Debit to Common Stock Credit to Revenue Debit to Cash 0/1 pts Incorrect Question 3 On May 3, the correct journal entry is: ODR Supplies; CR Accounts Payable DR Supplies; CR Accounts Receivable DR Supplies: CR Cash DR Accounts Payable: CR Supplies 0/1 pts Incorrect Incorrect Question 9 At the end of the month, the ending cash balance was: $18,270 DR $18,270 CR $15,270 DR $15,270 CR Question 10 The ending DR & CR balances on the Trial Balance was: $24,900 $18,270 $27,400 $30,000 0/3 pts 0/4 pts . For each T-account: 1. Identify the account as an Asset, Liability, Common Stock, Dividend, Revenue or Expense 2. Mark the Debit and the Credit as either a + or - Prepare properly formatted General Journal Entries with Explanations and Post to the T-accounts. May 1 Stockholders invested $15,000 cash in the business in exchange for common stock. 2 Paid $600 for office rent for the month. 3 Purchased $500 of supplies on account. - (Accounts Receivable OR Accounts Payable) 5 Paid $150 to advertise in the County News. 9 Received $1,400 cash for services performed. 12 Paid $200 cash dividend. 15 Performed $4,200 of services on account. 17 Paid $2,500 for employee salaries. 20 Paid for the supplies purchased on account on May 3. 23 Received a cash payment of $1,200 for services performed on account on May 15. 26 Borrowed $5,000 from the bank on a note payable. 29 Purchased office equipment for $2,000 paying $200 in cash and the balance on account 30 Paid $180 for utilities Incorrect Question 1 On May 1, the journal entry included a: Credit to Cash Debit to Common Stock Credit to Revenue Debit to Cash 0/1 pts Incorrect Question 3 On May 3, the correct journal entry is: ODR Supplies; CR Accounts Payable DR Supplies; CR Accounts Receivable DR Supplies: CR Cash DR Accounts Payable: CR Supplies 0/1 pts Incorrect Incorrect Question 9 At the end of the month, the ending cash balance was: $18,270 DR $18,270 CR $15,270 DR $15,270 CR Question 10 The ending DR & CR balances on the Trial Balance was: $24,900 $18,270 $27,400 $30,000 0/3 pts 0/4 pts

Answer rating: 100% (QA)

May 1 Stockholders invested 15000 cash in the business in exchange for common stock Journal Entry Debit Common Stock Equity 15000 Credit Cash 15000 Explanation This entry reflects the increase in equi... View the full answer