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ConcordServices was formed on May 1, 2022. The following transactions took place during the first month. Transactions on May 1: 1. Jay Bradford invested $41,000cash

ConcordServices was formed on May 1, 2022. The following transactions took place during the first month.

Transactions on May 1:

1. Jay Bradford invested $41,000cash in the company, as its sole owner.

2. Hired two employees to work in the warehouse. They will each be paid a salary of $2,500per month.

3. Signed a 2-year rental agreement on a warehouse; paid $20,000cash in advance for the first year.

4. Purchased furniture and equipment costing $31,000. A cash payment of $12,000was made immediately; the remainder will be paid in 6 weeks.

5. Paid $1,800cash for a one-year insurance policy on the furniture and equipment.

Transactions during the remainder of the month:

6. Purchased basic office supplies for $500cash.

7. Purchased more office supplies for $1,400on account.

8. Total revenues earned were $19,000$8,000cash and $11,000on account.

9. Paid $300to suppliers for accounts payable due.

10. Received $3,200from customers in payment of accounts receivable.

11. Received utility bills in the amount of $400, to be paid next month.

12. Paid the monthly salaries of the two employees, totaling $5,000.

(a)

Prepare journal entries to record each of the events listed.(List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

No. Account Titles Debit Credit

1. enter an account title enter a debit amount enter a credit amount

enter an account title enter a debit amount enter a credit amount

2. enter an account title enter a debit amount enter a credit amount

enter an account title enter a debit amount enter a credit amount

3. enter an account title enter a debit amount enter a credit amount

enter an account title enter a debit amount enter a credit amount

4. enter an account title enter a debit amount enter a credit amount

enter an account title enter a debit amount enter a credit amount

enter an account title enter a debit amount enter a credit amount

5. enter an account title enter a debit amount enter a credit amount

enter an account title enter a debit amount enter a credit amount

6. enter an account title enter a debit amount enter a credit amount

enter an account title enter a debit amount enter a credit amount

7. enter an account title enter a debit amount enter a credit amount

enter an account title enter a debit amount enter a credit amount

8. enter an account title enter a debit amount enter a credit amount

enter an account title enter a debit amount enter a credit amount

enter an account title enter a debit amount enter a credit amount

9. enter an account title enter a debit amount enter a credit amount

enter an account title enter a debit amount enter a credit amount

10. enter an account title enter a debit amount enter a credit amount

enter an account title enter a debit amount enter a credit amount

11. enter an account title enter a debit amount enter a credit amount

enter an account title enter a debit amount enter a credit amount

12. enter an account title enter a debit amount enter a credit amount

enter an account title enter a debit amount enter a credit amount

(b)

Post the journal entries to T-accounts.(Post entries in the order of journal entries presented in the previous question.)

Cash

choose a transaction number 1 2 3 4 5 6 7 8 9 10 11 12 Bal. enter a debit amount choose a transaction number 1 2 3 4 5 6 7 8 9 10 11 12 Bal. enter a credit amount

choose a transaction number 1 2 3 4 5 6 7 8 9 10 11 12 Bal. enter a debit amount choose a transaction number 1 2 3 4 5 6 7 8 9 10 11 12 Bal. enter a credit amount

choose a transaction number 1 2 3 4 5 6 7 8 9 10 11 12 Bal. enter a debit amount choose a transaction number 1 2 3 4 5 6 7 8 9 10 11 12 Bal. enter a credit amount

choose a transaction number 1 2 3 4 5 6 7 8 9 10 11 12 Bal. enter a debit amount choose a transaction number 1 2 3 4 5 6 7 8 9 10 11 12 Bal. enter a credit amount

choose a transaction number 1 2 3 4 5 6 7 8 9 10 11 12 Bal. enter a debit amount choose a transaction number 1 2 3 4 5 6 7 8 9 10 11 12 Bal. enter a credit amount

choose a transaction number 1 2 3 4 5 6 7 8 9 10 11 12 Bal. enter a debit amount choose a transaction number 1 2 3 4 5 6 7 8 9 10 11 12 Bal. enter a credit amount

choose an option 1 2 3 4 5 6 7 8 9 10 11 12 Bal. enter a debit balance choose an option 1 2 3 4 5 6 7 8 9 10 11 12 Bal. enter a credit balance

Accounts Receivable

choose a transaction number 1 2 3 4 5 6 7 8 9 10 11 12 Bal. enter a debit amount choose a transaction number 1 2 3 4 5 6 7 8 9 10 11 12 Bal. enter a credit amount

choose an option 1 2 3 4 5 6 7 8 9 10 11 12 Bal. enter a debit balance choose an option 1 2 3 4 5 6 7 8 9 10 11 12 Bal. enter a credit balance

Supplies

choose a transaction number 1 2 3 4 5 6 7 8 9 10 11 12 Bal. enter a debit amount choose a transaction number 1 2 3 4 5 6 7 8 9 10 11 12 Bal. enter a credit amount

choose a transaction date 1 2 3 4 5 6 7 8 9 10 11 12 Bal. enter a debit amount choose a transaction date 1 2 3 4 5 6 7 8 9 10 11 12 Bal. enter a credit amount

choose an option 1 2 3 4 5 6 7 8 9 10 11 12 Bal. enter a debit balance choose an option 1 2 3 4 5 6 7 8 9 10 11 12 Bal. enter a credit balance

Prepaid Insurance

choose a transaction number 1 2 3 4 5 6 7 8 9 10 11 12 Bal. enter a debit amount choose a transaction number 1 2 3 4 5 6 7 8 9 10 11 12 Bal. enter a credit amount

choose an option 1 2 3 4 5 6 7 8 9 10 11 12 Bal. enter a debit balance choose an option 1 2 3 4 5 6 7 8 9 10 11 12 Bal. enter a credit balance

Prepaid Rent

choose a transaction number 1 2 3 4 5 6 7 8 9 10 11 12 Bal. enter a debit amount choose a transaction number 1 2 3 4 5 6 7 8 9 10 11 12 Bal. enter a credit amount

choose an option 1 2 3 4 5 6 7 8 9 10 11 12 Bal. enter a debit balance choose an option 1 2 3 4 5 6 7 8 9 10 11 12 Bal. enter a credit balance

Equipment

choose a transaction number 1 2 3 4 5 6 7 8 9 10 11 12 Bal. enter a debit amount choose a transaction number 1 2 3 4 5 6 7 8 9 10 11 12 Bal. enter a credit amount

choose an option 1 2 3 4 5 6 7 8 9 10 11 12 Bal. enter a debit balance choose an option 1 2 3 4 5 6 7 8 9 10 11 12 Bal. enter a credit balance

Accounts Payable

choose a transaction number 1 2 3 4 5 6 7 8 9 10 11 12 Bal. enter a debit amount choose a transaction number 1 2 3 4 5 6 7 8 9 10 11 12 Bal. enter a credit amount

choose a transaction number 1 2 3 4 5 6 7 8 9 10 11 12 Bal. enter a debit amount choose a transaction number 1 2 3 4 5 6 7 8 9 10 11 12 Bal. enter a credit amount

choose a transaction number 1 2 3 4 5 6 7 8 9 10 11 12 Bal. enter a debit amount choose a transaction number 1 2 3 4 5 6 7 8 9 10 11 12 Bal. enter a credit amount

choose an option 1 2 3 4 5 6 7 8 9 10 11 12 Bal. enter a debit balance choose an option 1 2 3 4 5 6 7 8 9 10 11 12 Bal. enter a credit balance

Owner's Capital

choose a transaction number 1 2 3 4 5 6 7 8 9 10 11 12 Bal. enter a debit amount choose a transaction number 1 2 3 4 5 6 7 8 9 10 11 12 Bal. enter a credit amount

choose an option 1 2 3 4 5 6 7 8 9 10 11 12 Bal. enter a debit balance choose an option 1 2 3 4 5 6 7 8 9 10 11 12 Bal. enter a credit balance

Service Revenue

choose a transaction number 1 2 3 4 5 6 7 8 9 10 11 12 Bal. enter a debit amount choose a transaction number 1 2 3 4 5 6 7 8 9 10 11 12 Bal. enter a credit amount

choose an option 1 2 3 4 5 6 7 8 9 10 11 12 Bal. enter a debit balance choose an option 1 2 3 4 5 6 7 8 9 10 11 12 Bal. enter a credit balance

Salaries and Wages Expense

choose a transaction number 1 2 3 4 5 6 7 8 9 10 11 12 Bal. enter a debit amount choose a transaction number 1 2 3 4 5 6 7 8 9 10 11 12 Bal. enter a credit amount

choose an option 1 2 3 4 5 6 7 8 9 10 11 12 Bal. enter a debit balance choose an option 1 2 3 4 5 6 7 8 9 10 11 12 Bal. enter a credit balance

Utilities Expense

choose a transaction number 1 2 3 4 5 6 7 8 9 10 11 12 Bal. enter a debit amount choose a transaction number 1 2 3 4 5 6 7 8 9 10 11 12 Bal. enter a credit amount

choose an option 1 2 3 4 5 6 7 8 9 10 11 12 Bal. enter a debit balance choose an option 1 2 3 4 5 6 7 8 9 10 11 12 Bal. enter a credit balance

(c)

Prepare a trial balance as of May 31, 2022.

CONCORDSERVICES Trial Balance choose the accounting period May 31, 2022 For the Year Ended May 31, 2022 For the Quarter Ended May 31, 2022

Debit Credit

enter an account title $enter a debit balance $enter a credit balance

enter an account title enter a debit balance enter a credit balance

enter an account title enter a debit balance enter a credit balance

enter an account title enter a debit balance enter a credit balance

enter an account title enter a debit balance enter a credit balance

enter an account title enter a debit balance enter a credit balance

enter an account title enter a debit balance enter a credit balance

enter an account title enter a debit balance enter a credit balance

enter an account title enter a debit balance enter a credit balance

enter an account title enter a debit balance enter a credit balance

enter an account title enter a debit balance enter a credit balance

Totals $enter a total for the debit column $enter a total for the credit column

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Previous Question Next Question

Transactions on May 1:
1.		Jay Bradford invested $41,000cash in the company, as its sole owner.
2.		Hired two employees to work in the warehouse. They will each be paid a salary of $2,500per month.
3.		Signed a 2-year rental agreement on a warehouse; paid $20,000cash in advance for the first year.
4.		Purchased furniture and equipment costing $31,000. A cash payment of $12,000was made immediately; the remainder will be paid in 6 weeks.
5.		Paid $1,800cash for a one-year insurance policy on the furniture and equipment.
Transactions during the remainder of the month:
6.		Purchased basic office supplies for $500cash.
7.		Purchased more office supplies for $1,400on account.
8.		Total revenues earned were $19,000$8,000cash and $11,000on account.
9.		Paid $300to suppliers for accounts payable due.
10.		Received $3,200from customers in payment of accounts receivable.
11.		Received utility bills in the amount of $400, to be paid next month.
12.		Paid the monthly salaries of the two employees, totaling $5,000.

No.	Account Titles	Debit	Credit
1.	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
2.	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
3.	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
4.	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
5.	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
6.	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
7.	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
8.	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
9.	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
10.	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
11.	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
12.	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount

Cash
choose a transaction number 1 2 3 4 5 6 7 8 9 10 11 12 Bal.	enter a debit amount	choose a transaction number 1 2 3 4 5 6 7 8 9 10 11 12 Bal.	enter a credit amount
choose a transaction number 1 2 3 4 5 6 7 8 9 10 11 12 Bal.	enter a debit amount	choose a transaction number 1 2 3 4 5 6 7 8 9 10 11 12 Bal.	enter a credit amount
choose a transaction number 1 2 3 4 5 6 7 8 9 10 11 12 Bal.	enter a debit amount	choose a transaction number 1 2 3 4 5 6 7 8 9 10 11 12 Bal.	enter a credit amount
choose a transaction number 1 2 3 4 5 6 7 8 9 10 11 12 Bal.	enter a debit amount	choose a transaction number 1 2 3 4 5 6 7 8 9 10 11 12 Bal.	enter a credit amount
choose a transaction number 1 2 3 4 5 6 7 8 9 10 11 12 Bal.	enter a debit amount	choose a transaction number 1 2 3 4 5 6 7 8 9 10 11 12 Bal.	enter a credit amount
choose a transaction number 1 2 3 4 5 6 7 8 9 10 11 12 Bal.	enter a debit amount	choose a transaction number 1 2 3 4 5 6 7 8 9 10 11 12 Bal.	enter a credit amount
choose an option 1 2 3 4 5 6 7 8 9 10 11 12 Bal.	enter a debit balance	choose an option 1 2 3 4 5 6 7 8 9 10 11 12 Bal.	enter a credit balance
Accounts Receivable
choose a transaction number 1 2 3 4 5 6 7 8 9 10 11 12 Bal.	enter a debit amount	choose a transaction number 1 2 3 4 5 6 7 8 9 10 11 12 Bal.	enter a credit amount
choose an option 1 2 3 4 5 6 7 8 9 10 11 12 Bal.	enter a debit balance	choose an option 1 2 3 4 5 6 7 8 9 10 11 12 Bal.	enter a credit balance

Supplies
choose a transaction number 1 2 3 4 5 6 7 8 9 10 11 12 Bal.	enter a debit amount	choose a transaction number 1 2 3 4 5 6 7 8 9 10 11 12 Bal.	enter a credit amount
choose a transaction date 1 2 3 4 5 6 7 8 9 10 11 12 Bal.	enter a debit amount	choose a transaction date 1 2 3 4 5 6 7 8 9 10 11 12 Bal.	enter a credit amount
choose an option 1 2 3 4 5 6 7 8 9 10 11 12 Bal.	enter a debit balance	choose an option 1 2 3 4 5 6 7 8 9 10 11 12 Bal.	enter a credit balance
Prepaid Insurance
choose a transaction number 1 2 3 4 5 6 7 8 9 10 11 12 Bal.	enter a debit amount	choose a transaction number 1 2 3 4 5 6 7 8 9 10 11 12 Bal.	enter a credit amount
choose an option 1 2 3 4 5 6 7 8 9 10 11 12 Bal.	enter a debit balance	choose an option 1 2 3 4 5 6 7 8 9 10 11 12 Bal.	enter a credit balance

Prepaid Rent
choose a transaction number 1 2 3 4 5 6 7 8 9 10 11 12 Bal.	enter a debit amount	choose a transaction number 1 2 3 4 5 6 7 8 9 10 11 12 Bal.	enter a credit amount
choose an option 1 2 3 4 5 6 7 8 9 10 11 12 Bal.	enter a debit balance	choose an option 1 2 3 4 5 6 7 8 9 10 11 12 Bal.	enter a credit balance
Equipment
choose a transaction number 1 2 3 4 5 6 7 8 9 10 11 12 Bal.	enter a debit amount	choose a transaction number 1 2 3 4 5 6 7 8 9 10 11 12 Bal.	enter a credit amount
choose an option 1 2 3 4 5 6 7 8 9 10 11 12 Bal.	enter a debit balance	choose an option 1 2 3 4 5 6 7 8 9 10 11 12 Bal.	enter a credit balance

Accounts Payable
choose a transaction number 1 2 3 4 5 6 7 8 9 10 11 12 Bal.	enter a debit amount	choose a transaction number 1 2 3 4 5 6 7 8 9 10 11 12 Bal.	enter a credit amount
choose a transaction number 1 2 3 4 5 6 7 8 9 10 11 12 Bal.	enter a debit amount	choose a transaction number 1 2 3 4 5 6 7 8 9 10 11 12 Bal.	enter a credit amount
choose a transaction number 1 2 3 4 5 6 7 8 9 10 11 12 Bal.	enter a debit amount	choose a transaction number 1 2 3 4 5 6 7 8 9 10 11 12 Bal.	enter a credit amount
choose an option 1 2 3 4 5 6 7 8 9 10 11 12 Bal.	enter a debit balance	choose an option 1 2 3 4 5 6 7 8 9 10 11 12 Bal.	enter a credit balance
Owner's Capital
choose a transaction number 1 2 3 4 5 6 7 8 9 10 11 12 Bal.	enter a debit amount	choose a transaction number 1 2 3 4 5 6 7 8 9 10 11 12 Bal.	enter a credit amount
choose an option 1 2 3 4 5 6 7 8 9 10 11 12 Bal.	enter a debit balance	choose an option 1 2 3 4 5 6 7 8 9 10 11 12 Bal.	enter a credit balance

Service Revenue
choose a transaction number 1 2 3 4 5 6 7 8 9 10 11 12 Bal.	enter a debit amount	choose a transaction number 1 2 3 4 5 6 7 8 9 10 11 12 Bal.	enter a credit amount
choose an option 1 2 3 4 5 6 7 8 9 10 11 12 Bal.	enter a debit balance	choose an option 1 2 3 4 5 6 7 8 9 10 11 12 Bal.	enter a credit balance
Salaries and Wages Expense
choose a transaction number 1 2 3 4 5 6 7 8 9 10 11 12 Bal.	enter a debit amount	choose a transaction number 1 2 3 4 5 6 7 8 9 10 11 12 Bal.	enter a credit amount
choose an option 1 2 3 4 5 6 7 8 9 10 11 12 Bal.	enter a debit balance	choose an option 1 2 3 4 5 6 7 8 9 10 11 12 Bal.	enter a credit balance

Utilities Expense
choose a transaction number 1 2 3 4 5 6 7 8 9 10 11 12 Bal.	enter a debit amount	choose a transaction number 1 2 3 4 5 6 7 8 9 10 11 12 Bal.	enter a credit amount
choose an option 1 2 3 4 5 6 7 8 9 10 11 12 Bal.	enter a debit balance	choose an option 1 2 3 4 5 6 7 8 9 10 11 12 Bal.	enter a credit balance

CONCORDSERVICES Trial Balance choose the accounting period May 31, 2022 For the Year Ended May 31, 2022 For the Quarter Ended May 31, 2022
	Debit	Credit
enter an account title	$enter a debit balance	$enter a credit balance
enter an account title	enter a debit balance	enter a credit balance
enter an account title	enter a debit balance	enter a credit balance
enter an account title	enter a debit balance	enter a credit balance
enter an account title	enter a debit balance	enter a credit balance
enter an account title	enter a debit balance	enter a credit balance
enter an account title	enter a debit balance	enter a credit balance
enter an account title	enter a debit balance	enter a credit balance
enter an account title	enter a debit balance	enter a credit balance
enter an account title	enter a debit balance	enter a credit balance
enter an account title	enter a debit balance	enter a credit balance
Totals	$enter a total for the debit column	$enter a total for the credit column