On May 1st 2020, Sylvie Bernier start operating a new business called Diving school. During the month,
Question:
On May 1st 2020, Sylvie Bernier start operating a new business called “Diving school”. During the month, the following transactions occurred :
1) The owner invested $8,000 cash into the business.
2) Paid $450 for employee salaries.
3) Received 1800$ for diving lessons to be given in June.
4) Purchased 800$ of supplies on credit
5) $600 of services were provided to several clients on credit.
6) The owner withdrew $1,000
7) Paid $2400 for renting space (next 6 months)
8) Salaries were $350 (not $450)
9) Due to a schedule change, 35% of the diving lessons were given in May (rather than 100% in June)
10) A new computer was purchased for $4,380 on credit. Straight-line depreciation, 4 years. 825$ as residual value.
11) Used 325$ of supplies
12) The withdrawal amount was $3,000 (not 1000$)
13) Any missing JE you should record?
Required:
Prepare journal entries, T account, F/S (3) , Closing entries
