Required :Journalize the Transactions. 

May 1: The company generated $35,000 from the sale of its common stock.

May 4: $9,800 of equipment was purchased with a $800 cash down payment. The balance should be paid within the next 90 days.

May 6: Tommy, on behalf of the company, signed a 5-year note, borrowing $24,750 from the local bank.

May 7: Tommy’s crew completed a fishing boat customization job for the Smiths; a bill for $24,000 was sent to the customer.

May 9: The company paid its workers May wages of $5,615.

May 11: Tommy’s Boat & Tackle purchased $15,250 of supplies on account.

May 14: One of Tommy’s employees completed $15,400 of repairs on fishing gear and received payment immediately.
May 16: The company paid half of the amount owed on the equipment purchased on May 4.
May 22: Tommy’s Boat & Tackle paid cash dividends of $10,500 to its shareholders.

May 25: The Smiths paid Tommy’s one-half of the amount described in the May 7 transaction.

May 29: A bill in the amount of $520 for the company’s May electric service arrived but was not immediately paid. It was not paid until the following month.

May 31: One of Tommy’s employees completed $7,500 of repairs on account.

Answer rating: 100% (QA)

Solution Journalize all the business transactions Date Particulars Debit Credit May 1 Bank Ac 35000 ... View the full answer