Make journal entries for the transactions ( double-entry) 1. May1, 2020 Nancy, the business owner input cash
Question:
Make journal entries for the transactions ( double-entry)
1. May1, 2020 Nancy, the business owner input cash $ 8,500 and $3000 computer into the business
2 .May2, 2020 Business purchased office supplies $2,500 and office equipment $7,500 on account
3 .May3, 2020 Business paid $4800 for a two-years insurance
4 .May4, 2020 Business received $5,300 cash for the services just provided.
5 .May6, 2020 Business paid owing balance for Transaction#2
6 .May12, 2020 Business received $7,600 from the customer for the services to be performed in the near future.
7. May17, 2020 Business bought office supplies for $3,300 on credit.
8. May20, 2020 Business finished $4500 services for the Transaction#6
9. May22, 2020 Business found $300 defective office supplies from the May17, 2020 purchase, returned them back to supplier
10. May28, 2020 Business received electricity bill for May, 2020 $350, it will be paid in next month.
11. May31, 2020 Business paid the owing amount for Transaction#7 12 May31, 2020 Business finished rest of the services for the Transaction#6
Intermediate Accounting
ISBN: 978-0176509736
10th Canadian Edition, Volume 1
Authors: Donald Kieso, Jerry Weygandt, Terry Warfield, Nicola Young,