Make a Retained Earning Statement Transactions (for the month of May 20X5) 1- Rent payment of $2,400
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Make a Retained Earning Statement
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Transactions (for the month of May 20X5) 1- Rent payment of $2,400 is due on May 1st 20X5. 2-$14,000 of raw Inventory is purchased on account, along with $500 in freight charges paid in cash on May 1st 20X5. 3- A new vehicle is purchased with a bank loan, for $24,613 on May 2nd 20X5. 4- Company V pays $1,500 to prepare inventory for sale on May 2nd 20X5. 5- Rent owed, paid in full on May 4th 20X5. 6-Company V sends out invoices 001-331, 001-332 and 001-334, totaling $17,800 for goods sold on May 7th 20X5. 7-Company V pays $1,430 in advertising costs on May 8th 20X5. 8- Company V collects $5,885 of accounts receivables on May 8th 20X5. 9- Equipment is purchased for $6,110 on May 13th 20X5. 10-Company V is paid immediately for invoice 001-338, totaling $4,175 for goods sold on May 14th 20X5. 11- The owner of Company V invests another $20,000 of personal capital into the company on May 15th 20X5. 12- Company V sends out invoices 001-330, 001-333 and 001-336, totaling $23,650 for goods sold on May 19th 20X5. 13-$320 is received from a long-term investment on May 21st 20X5. 14-Equipment, valued at $15,000 is sold for $12,700 on May 21st 20X5. 15-Insurance for a full year is paid in the total of $4,204 on May 25th 20X5. 16-Company V sends out invoices 001-335 and 001-337, totaling $9,415 for goods sold on May 28th 20X5. 17-Company V collects $16,986 of accounts receivables on May 31st 20X5. 18-Company V pays $7,840 in salaries on May 31st 20X5. 19-Utilities invoice received for $327 on May 31st 20X5. 20-$135 in banking fees charged automatically on May 31st 20X5. Transactions (for the month of May 20X5) 1- Rent payment of $2,400 is due on May 1st 20X5. 2-$14,000 of raw Inventory is purchased on account, along with $500 in freight charges paid in cash on May 1st 20X5. 3- A new vehicle is purchased with a bank loan, for $24,613 on May 2nd 20X5. 4- Company V pays $1,500 to prepare inventory for sale on May 2nd 20X5. 5- Rent owed, paid in full on May 4th 20X5. 6-Company V sends out invoices 001-331, 001-332 and 001-334, totaling $17,800 for goods sold on May 7th 20X5. 7-Company V pays $1,430 in advertising costs on May 8th 20X5. 8- Company V collects $5,885 of accounts receivables on May 8th 20X5. 9- Equipment is purchased for $6,110 on May 13th 20X5. 10-Company V is paid immediately for invoice 001-338, totaling $4,175 for goods sold on May 14th 20X5. 11- The owner of Company V invests another $20,000 of personal capital into the company on May 15th 20X5. 12- Company V sends out invoices 001-330, 001-333 and 001-336, totaling $23,650 for goods sold on May 19th 20X5. 13-$320 is received from a long-term investment on May 21st 20X5. 14-Equipment, valued at $15,000 is sold for $12,700 on May 21st 20X5. 15-Insurance for a full year is paid in the total of $4,204 on May 25th 20X5. 16-Company V sends out invoices 001-335 and 001-337, totaling $9,415 for goods sold on May 28th 20X5. 17-Company V collects $16,986 of accounts receivables on May 31st 20X5. 18-Company V pays $7,840 in salaries on May 31st 20X5. 19-Utilities invoice received for $327 on May 31st 20X5. 20-$135 in banking fees charged automatically on May 31st 20X5.
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Date Account Title 01May20X5 Rent Expenses Rent Payable 02May20X5 Purchases Accounts Payable 02May20... View the full answer
Related Book For
Financial Accounting Tools for Business Decision Making
ISBN: 978-1118644942
6th Canadian edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso, Barbara Trenholm, Wayne Irvine
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