1. Using the attached T-account template, prepare the entries to recognize the following transactions.

ABC Company, LLC, owned by a sole stockholder, began operations in May and completed the following transactions during that first month of operations.

Using the attached T-account template, prepare the entries to recognize the following transactions. Label the entry a b etc.

	5/1/20 The sole stockholder invested $90,000 cash in the company in exchange for common stock.
	5/2/20 The company purchased $25,000 in office equipment. It paid $10,000 in cash and signed a note payable promising to pay the $15,000 over the next three years.
	5/3/20 The company rented office space and paid $3,000 for the May rent.
	5/6/20 The company installed new vinyl siding for a customer and immediately collected $5,000.
	5/7/20 The company paid a supplier $2,000 for siding materials used on the May 6 job.
	5/8/20 The company purchased a $2,500 copy machine for office use on credit.
	5/9/20 The company completed work for additional customers on credit in the amount of $16,000.
	5/15/20 The company paid its employees salaries $2,300 for the first half of the mont
	5/17/20 The company installed new siding for a customer and immediately collected $2,400.
	5/20/20 The company received $10,000 in payments from the customers billed on May 9. 5/21/20 The company distributed dividends to the sole shareholder in the amount $4,500.
	5/28/20 The company paid $1,500 on the copy machine purchased on May 8. It will pay the remaining balance in June.
	5/31/20 The company paid its employees salaries $2,400 for the second half of the month.
	5/31/20 The company paid a supplier $5,300 for siding materials used on the remaining jobs completed during May.
	5/31/20 The company paid $450 for this months utility bill.

No. 2

ASSETS =				LIABILITIES		+ EQUITY
	Non-current Assets
Current Assets	Property, Plant & Equipment	Investments	Intangible Assets/Other	Current Liabilities	Non-Current Liabilities	Contributed Capital	Earned Capital	Accumulated OCI