Question: QUESTION 2 (15 marks) On May 1, Bruce Chow began a new business, called Super Studio - a studio to be rented out on daily

QUESTION 2 (15 marks) On May 1, Bruce Chow began a

QUESTION 2 (15 marks) On May 1, Bruce Chow began a new business, called Super Studio - a studio to be rented out on daily basis. The following transactions were completed during May: a. Bruce paid in S30,000 to start the business. b. Equipment for use in the business was purchased for $9,000. Two-thirds of the price was paid in cash; the rest was due in 3 months. c. Rental revenues of $60,000 were carned for the month of May. $6,000 of this was on credit. d. Operating expenses incurred were $35,000 and paid in full. c. The records showed that $4.500 in studio rental revenue had not yet been billed or recorded as of May 31; and $3,600 was received on 31 May for one-week studio rental for the month of June. Required: (Explanation of Journal Entry is not required.) Prepare journal entries for the above transactions

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