Assignment 2 Accounting 2101 Chapter 3 - Adjusting Entries Assignment October 7 1. Journalize the following transactions that occurred during the month of May: a. May 1: Paid cash for 1 yr. insurance policy, $3600 b. May 1: Paid cash in advance for rent for 9 months, $10,800 C. May 1: Received $15,000 from a local bank for a 1 year Note Payable @ 6% interest d. May 2: Bought supplies for $15,600, paying 45% down and the remainder on account e. May 2: Purchased office equipment on account, $2,600 f. May 2: Paid cash for supplies, $750 8 May 3: Received $8,000 for services to be provided at a future date h. May 4: Paid $500 on amount owed to creditor i. May 6: Received $1400 for services performed i. May 8: Received $500 from customers who were previously billed k. May 10: Earned $350 of revenue that was previously unearned I. May 15: Paid advertising expense, $1100 m. May 25: Provided services on account, $1850 II. Journalize the following adjustments for the month of May: **Use information above needed. a. May 31: Two employees earn $150 per day for a 5-day work week and are paid on Fridays. May 31 fell on a Thursday. Record the salary adjustment needed. b. May 31: Record interest accrued on a note payable (refer to transaction "c" above) C. May 31: Record expired insurance for the month (refer to transaction "a" above) d. May 31: Supplies on hand May 2: $16,350: supplies on hand May 31: 13.125 e. May 31: $650 from the May 3 transaction has been earned f. May 31: Record utility expense that has accrued, $1850 g. May 31: Record depreciation on office equipment for the month, $75 h. May 31: Record expired rent (refer to transaction "b" above)