Course: Financial Accounting and Principal

Q No 1- Manal Enterprises incorporated on May 3, 2021. The company engaged in the following transactions during its first month of operations: (10) May 3 invested in business Rs.40000, Furniture Rs.24,000, equipment Rs.15000 May 4 Paid May office rent expense of $1,000. May 5 Purchased office supplies for $400 cash. The supplies will last for several months. May 15 Purchased office equipment for $8,000 on account. The entire amount is due June 15. May 18 Purchased a company car for $27,000. Paid $7,000 cash and issued a note payable for the remaining amount owed. May 20 Billed clients $32,000 on account. May 29 Paid May utilities of $200. May 30 Received $30,000 from clients billed on May 20. May 31 Recorded and paid salary expense of $14,000. Required: a. Prepare journal entries, including explanations, for the above transactions. b. Post each entry to the appropriate ledger accounts (use the T account format)