erences Mailings Review View Tell me 21 AaBbCcDd AaBbCcDd AaBbCcDdEe Av Answer B Answer Sub Normal REQUIRED: Prepare all necessary journal entries and adjusting entries for the month of May 2020 in the below boxes shaded in grey. Ensure that each entry's date is completed as well. If an entry is not required, simply type NO ENTRY. Add lines where necessary. Do not retype the comment, just indicate entries in good order. Cr entries before Dr will LOSE marks. 1. May 1 - The company sold shares to each sister, $10,000 in exchange for 1000 common shares each Accounts DR CR Marks May 2. May 2 - Took out a $125,000 loan with Tangerine Bank @ 6% interest payable every January 1 and the principal of the loan due May 1, 2026. DR CR Accounts Marks May 3. May 3 - Purchased inventory on account from Garden Direct Ltd for $125,000. Accounts DR CR Marks May 4. May 4 - Purchased a delivery truck for $22,000 cash. Accounts DR May CR Marks 5. May 5 Purchased office supplies for cash equal to $1000, Accounts DR LCR States) Focus References Mailings Review View Tell me Aav 21 T AaBbCcDd AaBbCcDd AaBbCeDdEe Answer B Answer Sub Normal 5. May 5 - Purchased office supplies for cash equal to $1000. Accounts DR May CR Marks Page 2 of 2 6. May 6 - Prepaid rent for the rest of the fiscal year for $8,000 cash. Accounts DR CR Marko May 5 7. May 10 - Received $55,000 cash for a sale to Divinc Weddings Inc. The sale is for a flower arrangement that is to be delivered on June 5, 2021. Accounts DR CR Mark May 8. May 11 - Met with a bank advisor at Tangerine Bank and obtained additional financing of a $100,000 loan at 3% interest per month Accounts DR CR Mark May sited States) Focus MacBook Pro Adbold AL AabbCCL Answer B Answer Sub Norm 9. May 15 - Paid the balance due to Garden Direct Ltd. Accounts DR CR Marks May 10. May 16 - Purchased inventory from Flower Power Inc for $85,000 - 50% cash and the rest on account Accounts DR CR Marks May Page 2 of 2 11. May 17 - Made a $176,000 sale on account to Linda Rich, a wealthy Westmount resident, for flowers delivered to her home the same day. The cost of the flowers was 576,000 Accounts DR CR May ed States) Focus References Mailings Review View Tell me Aa A 321 AaBbCcDd AaBbCcDd AaBbcd Answers Answer Sub Normal 12. May 18 - Incurred wages for 2 flower arrangement employees (Irene and Cindy) who worked a total of 32 hours each at an hourly rate of $15.00; these wages will be paid on May 20 Accounts DR CR Marks May 13. May 19 - Paid Flower Power Inc their balance in fall. Accounts DR CR Marks May 14. May 20 - Paid Irene and Cindy their wages incurred, Accounts DR May CR Marks 15. May 22 - Interviewed Kamala Bantis. in experienced florist, to manage the storefront effective June 1, 2021; this position comes with a $50,000 annual salary Accounts DR CR Mark May 16. May 23 - Declared a dividend of Si per share. Accounts DR CR Marks May nited States) D Focus References Mailings Review View Tell me A 21 AaBb Cebe AaBbCcDd AaBbCcDd Answers Answer Sub Normal 17. May 24 - Rented the delivery truck to Jack's Depancut a business next door, for the last week of the month for $250 cash. Accounts DR CR Marks May 18. May 25 - Paid the dividends previously declared on May 23. Accounts DR May CR Marks 19. May 31 - Depreciation on the delivery truck is calculated based on an estimated useful life of 5 years using the straight-line method. Residual value is 3000, Accounts DR CR Maria May 20. May 31 - Accrued the interest on any debt financing taken in the month of May. Accounts CR Marks May DR 21. May 31 - Conducted a count of office supplies and found approximately $900 were still on-hard Accounts DR CR Markus May ish (United States) Focus 22. May 31 - Reflected the adjusting entry for rent for the month of May. Accounts DR CR May Marks
