Question: ID is 6674. Could you please post in excel & send a screenshot for a better reference. Also could you post T-Accounts, Trial Balance, &

ID is 6674. Could you please post in excel & send a screenshot for a better reference. Also could you post T-Accounts, Trial Balance, & Journal Entries all seperated please. ID is 6674. Could you please post in excel & send a

The following is a list of transactions that have occurred during the month of May. Date May 1 May 1 May 2 May 2 May 3 May 4 May 5 May 10 May 15 May 18 May 22 May 28 May 31 May 31 May 31 Transaction Started the business with (ID x 780) in cash. Borrowed (ID x 550) + $350,000 in the form of a note payable. Purchased land with cash for (ID x 180). Purchased building with cash for (ID x 270). Purchased equipment on account for (ID x 72). Purchased a 12-month insurance policy for $60,000. Purchased $88,000 of Food and Beverage Inventory on account. Paid $15,400 in cash for advertising. Paid a utility bill of $3,800 in cash. Received a $16,000 cash advance deposit for a future banquet. Paid S13,200 in cash for maintenance expenses. Paid $182,000 in wages in cash for May 1-28 work. Generated $218,000 in room revenue for the entire month. The guests paid cash. Generated $39,000 in food and beverage revenue for the entire month. The guests paid cash. You withdraw $34,500 from the business for your personal use. Required: 1. Prepare journal entries in good form for the transactions above. 2. Post the journal entries into T-accounts (make sure you have a total amount for each account). There should be no hardcoded numbers on the T-accounts, only formulas. 3. Complete a trial balance in good form as of May 31, 2020 (make sure you have headers and totals). There should be no hardcoded numbers on the trial balance, only formulas. 2

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!