Question
May1, Business owner Bill Doors invested $200,000 in cash and office equipment worth $48,000 in the business bank account 2. May1st, prepaid $14,400 cash
May1, Business owner Bill Doors invested $200,000 in cash and office equipment worth $48,000 in the business bank account
2. May1st, prepaid $14,400 cash for three month office rent.
3. May2nd, made credit purchase of office equipment for $24,000 and office supplies for $4800
4. May6, completed services for a client and received $4000 cash.
5. May9, completed a $16,000 project service for a patient, who will pay within 30 days.
6. May10, paid balance owing on May2nd.
7. May19, paid $12,000 cash for the annual liability insurance premium
8. May22, received $12,800 as partial payment for the services done on May9.
9. May25, completed consulting services for another client for $5280 on account.
10. May31, Bill Doors withdrew $12,400 cash for personal use.
11. May31, purchased $1600 additional office supplies on account.
12. May31, paid $1400 for the monthly utility bill.
Required:
making entries
T-Account to add the balance for each account
Trial Balance
Financial Statements
Step by Step Solution
3.37 Rating (150 Votes )
There are 3 Steps involved in it
Step: 1
Here are the journal entries for the transactions May 1 CashDR 200000 Office EquipmentDR 48000 CapitalCR 248000 Bill Doors invested 200k cash and 48k ...Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started