Baldwin Realty, Inc. had the following transactions for the month of May 2013.

May 2 Paid Rent Expense, $600.

4 Performed service for a customer and received cash, $1,000.

8 Purchased supplies on account, $400.

11 Received cash from credit customers on account, $1,200.

15 Sold an additional $5,000 of common shares.

19 Paid $500 on account.

27 Performed service for customers on account, $1,600.

31 Made a payment on the Notes Payable, $3,000.

The following T-accounts have been set up for Baldwin Realty, Inc. with their beginning balances as of May 1, 2013.

Requirements
1. Journalize the transactions for the month of May.
2. Post the journal entries to the appropriate T-accounts. Identify all items by date.
3. Calculate the balance of each account at May 31, 2013.
4. Prove that the total of all the debit balances equals the total of all of the credit balances by preparing a trial balance.

Transcribed Image Text:

Cash 1010 Accounts Payable 2010 May 1 800 Ma1 3,000 Accounts Receivable 1020 Notes Payable 2030 May 1 10,000 May1 1,800 Common Shares 3010 Supplies 300 1030 May 1 30.000 May 1 Service Revenue 4010 Office Furniture 1050 May 1 2,100 May 1 1,200 Rent Expense 5050 Building 1060 May 1 600 May 1 36,000