Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

1 Blossom Inc.'s general ledger at April 30, 2021, included the following: Cash $4.000; Supplies $300; Equipment $20,000; Accounts Payable $2,100, Deferred Revenue (from gift

image text in transcribed
image text in transcribed
image text in transcribed
1 Blossom Inc.'s general ledger at April 30, 2021, included the following: Cash $4.000; Supplies $300; Equipment $20,000; Accounts Payable $2,100, Deferred Revenue (from gift certificates) $1,000; Bank Loan Payable $10,000; Common Shares $5,000; and Retained Earnings $6,200. The following transactions occurred during May May Paid rent for the month of May, $1,000. 4 Paid $1.100 of the account payable outstanding at April 30. 7 Issued gift certificates for future services for $1.500 cash. 15 Received $2,000 from customers for services performed to date. Paid $1.200 in salaries to employees. Customers receiving services worth $700 used gift certificates in payment. Paid the remaining accounts payable from April 30, 22 Purchased supplies of $700 on account 24 Received a bill for advertising for $500. This bill is due on June 22. 25 Received and paid a utilities bill for $400. 28 Received $2.100 from customers for services performed. 29 Customers receiving services worth $600 used gift certificates in payment. 30 Interest of $50 was paid on the bank loan. Paid $1.200 in salaries to employees 31 Paid income tax instalment for the month, $150 15 17 18 31 Journalize the May transactions. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter o for the amounts. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit (To record cash received from customers) (To record payment of salaries) (To record cash received from customers) (To record payment of salaries) (To record payment of salaries) (To record payment of income tax)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting

Authors: John Hoggett, Lew Edwards, John Medlin, Keryn Chalmers, Jodie Maxfield, Andreas Hellmann, Claire Beattie

9th Edition

1118608208, 978-1118608203

More Books

Students also viewed these Accounting questions

Question

How do you add two harmonic motions having different frequencies?

Answered: 1 week ago