Prepare the journal entries for the above transactions on May 31. Refer to the Chart of...

 

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Prepare the journal entries for the above transactions on May 31. Refer to the Chart of Accounts for exact wording of account titles. b. Prepare T accounts for each account used and post the journal entries to these accounts, placing the appropriate number to the left of each amount to identify the transactions. For grading purposes enter transactions in sequential order. Determine the correct ending balance. The ending balance label is provided on the left side of the T account even when the ending balance is a credit. The unused cell on the balance line should be left blank. c. Prepare an unadjusted trial balance as of May 31. d. Determine the net income for May. e. Determine the retained earnings at the end of May, assuming this was the first month of business. 1. Received $48,000 from sale of common stock. Paid rent on office for the month, $880. Purchased supplies on account, $1,750. Earned fees, receiving cash, $12,600. Paid creditor on account, $1,000. Paid automobile expenses for month, $375, and miscellaneous expenses, $250. Paid office salaries for the month, $3,900. Earned fees which the customer will pay next month, $2,400. Determined that the cost of supplies used was $280. Paid dividends, $2,400. 2. 3. 4. 5. 6. 7. 8. 9. 10. Prepare the journal entries for the above transactions on May 31. Refer to the Chart of Accounts for exact wording of account titles. b. Prepare T accounts for each account used and post the journal entries to these accounts, placing the appropriate number to the left of each amount to identify the transactions. For grading purposes enter transactions in sequential order. Determine the correct ending balance. The ending balance label is provided on the left side of the T account even when the ending balance is a credit. The unused cell on the balance line should be left blank. c. Prepare an unadjusted trial balance as of May 31. d. Determine the net income for May. e. Determine the retained earnings at the end of May, assuming this was the first month of business. 1. Received $48,000 from sale of common stock. Paid rent on office for the month, $880. Purchased supplies on account, $1,750. Earned fees, receiving cash, $12,600. Paid creditor on account, $1,000. Paid automobile expenses for month, $375, and miscellaneous expenses, $250. Paid office salaries for the month, $3,900. Earned fees which the customer will pay next month, $2,400. Determined that the cost of supplies used was $280. Paid dividends, $2,400. 2. 3. 4. 5. 6. 7. 8. 9. 10.

Answer rating: 100% (QA)

Here are the journal entries for each transaction 1 Received 48000 from the sale of common stock Deb... View the full answer