1. Due to the overwhelming demand for flowers at the Marriot Hotel, the manager at Marriot, Mary Gomez, decided to open a new flower shop near the hotel on April 1, 2020, called "Gomez Flower Business."

During the month of May, the following transactions took place:

1. May 2: Mary and some of her friends purchased a total of 43000 shares of capital stock at $10 per share.
2. May 7: The business purchase land and a small building for $20,000. The land cost $5000 and the building $15000. The business paid cash for both the land and the building.
3. May 10: Numerous office supplies were purchased by the firm for cash. The total cost of these supplies was $1000.
4. May 12: The business purchased a variety of additional furniture and fixtures for $10,000; $5000 was paid in cash, and the remaining $5000 was borrowed from the bank
5. May 18: In order to stock the shelves, the Gomez Flower Company made an initial purchase of assorted plants and flowers to be held for resale. The inventory of plants and flowers cost $5000 and was purchased for cash.
6. May 22: The business purchased a comprehensive insurance policy for $24000 cash. The policy covers a two-year period, from June 1, 2020, to May 31, 2022
7. May 25: The business made another purchase of flowers for resale. The total purchase amounted to $600C and was made on credit.
8. May 25: The business made another purchase of flowers for resale. The total purchase amounted to $600C and was made on credit.
9. May 28: The business made a $4000 payment on accounts payable.
10. May 29: Cash of $35 was received for the table sold in April.

Information

For each of these transactions, analyze them based on how they affect various accounts and enter them in the appropriate ledger accounts. To answer these, you should go through a three-step process:

1. Determine the specific accounts that are affected by the transactions and whether they are assets, liability, or stockholders' equity accounts
2. Decide which of these accounts are increased and/or decreased.
3. Make the appropriate debit and credit entries in the specific ledger accounts.

NOTE: Show the various ledgers in Excel or Google

Sheets; use calculations as needed.

REQUIREMENT

1. Provide the various T-accounts required for each transaction
2. After entering transactions in the journal, summarize them in the specific ledger accounts (Post to the Ledger).

Provide a general journal titled "Gomez Flower Business"