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FM Broadcasting was organized on April 30 to operate a local radio station. The account e numbers and beginning balances on May 1, 20XX are
FM Broadcasting was organized on April 30 to operate a local radio station. The account e numbers and beginning balances on May 1, 20XX are as follows: 0 Cash 150 Accounts receivable 180Supplies 191 Prepaid insurance 192 194 Film Library 200 Notes payable 201 Accounts payable $300,000 2.000 S30yxx) |201)| share capital-ordinary $2.xx)- $2,000 301 Relained earnin 150,000 400 Service revenue 500 Rent expense 50 Salaries expense 502 Utilities expense 150,000 The transactions of May were as follows: 1 Bought supplies costing $100 on account from Drago Co making a cash down payment of Purchased a film library at a cost of $30,000 from Godom Co; 3 $15,000 cash, with the balance payable in 30 days. 5 Collected $50,000 cash for radio advertising services provided 7 Billed Kong Co. for $70,000 for radio advertising services rendered during the f The agreement with Koog called for payment to be received by May 29 Mr. Eiden paid $9,000 in advance for advertising services to be provided in June 11 Provided 13 Borrowed $13,000 from Axis bank by issung a 123 months note 15 Paid insurance premium in advange for ong year $1 500 17 Issusd a chesk of $17.000 to Gono in payment of an accounls parable d advertising services on account for KIMS Hospital $11,000 19 Purchased photocopy equipment on account 51.900 from Sanyo Co. 21 Rent expense for May of S2,00will be paid on June l. 23 Collected cash of $2.300 from Kong, a credit customer. 25 Paid employees' salaries for May $25.000 27 Uilities expense for May $2, 700 will be paid on June 7 Rcled a. Journalize the transactions with the explanation. m b. Post to the ledger accounts. c. Prepare a trial balance as of May 31, 20xx Page 1 Credit GENERAL JOURNAL Account Titles and Explanations Ref Debit Date May 1 14
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