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1. In May 2020, ABC Individual Proprietorship organized a corporation to provide services. The company began operations immediately. Transactions during the month of May were

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1. In May 2020, ABC Individual Proprietorship organized a corporation to provide services. The company began operations immediately. Transactions during the month of May were as follows: May .......... The owner invested $200,000 cash. May 2.......... Purchased a vehicle for $20,000. Paid $5,000 in cash. May 4........... Paid $6,500 to rent office and storeroom for May. May 7........... Purchased furniture on account, $10,000. May 11......... Bought supplies costing $5,000, paying cash. May 13.......... Paid $8,000 to supplier for the purchase made on May 2. ... Billed customers $6,000 for services rendered. May 18......... Paid S2,500 for advertising, May 25......... Collected $4,000 of the amounts billed to customers on May 15. May 30......... Billed customers $7,000 for services rendered, and collected $1,000. May 30......... Received a transportation bill for $250 for May. This amount payable in 10 days. May 31......... The owner withdrew $5,000 cash from the business for personal use. May 15. Based on the foregoing transactions: 1. Record the transactions to related Ledger Accounts 2. Make the Closings 3. Prepare Post-closing Trial Balance 4. Prepare the Balance Sheet 1. In May 2020, ABC Individual Proprietorship organized a corporation to provide services. The company began operations immediately. Transactions during the month of May were as follows: May .......... The owner invested $200,000 cash. May 2.......... Purchased a vehicle for $20,000. Paid $5,000 in cash. May 4........... Paid $6,500 to rent office and storeroom for May. May 7........... Purchased furniture on account, $10,000. May 11......... Bought supplies costing $5,000, paying cash. May 13.......... Paid $8,000 to supplier for the purchase made on May 2. ... Billed customers $6,000 for services rendered. May 18......... Paid S2,500 for advertising, May 25......... Collected $4,000 of the amounts billed to customers on May 15. May 30......... Billed customers $7,000 for services rendered, and collected $1,000. May 30......... Received a transportation bill for $250 for May. This amount payable in 10 days. May 31......... The owner withdrew $5,000 cash from the business for personal use. May 15. Based on the foregoing transactions: 1. Record the transactions to related Ledger Accounts 2. Make the Closings 3. Prepare Post-closing Trial Balance 4. Prepare the Balance Sheet

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