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Help! Selected transactions of O'Malley Co. for the month of May are as follows: a. May 1. Issued Check No. 1001 in payment of rent
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Selected transactions of O'Malley Co. for the month of May are as follows: a. May 1. Issued Check No. 1001 in payment of rent for May, $1,200. b. 2. Purchased office supplies on account from McMillan Co., $3,600. c. 4. Issued Check No. 1003 in payment of freight charges on the supplies purchased on May 2,$320. d. 8. Sold goods on account to Waller Co., Invoice No. 51, \$4,500. e. 9. Issued Check No. 1005 for office supplies purchased, $450. f. 10. Received cash for office supplies sold to employees at cost, $120. g. 11. Purchased office equipment on account from Fender Office Products, $15,000. h. 12. Issued Check No. 1010 in payment of the supplies purchased from McMillan Co. on May 2, $3,600. i. 16. Sold goods on account to Riese Co., Invoice No. 58,$8,000. j. k. l. 18. Received $4,500 from Waller Co. in payment of May 8 invoice. 20. Invested additional cash in the business, $10,000. 25. Provided services for cash, $15,900. m. 30. Issued Check No. 1040 for withdrawal of cash for personal use, $1,000. n. 30. Issued Check No. 1041 in payment of electricity and water invoices, $690. o. 30. Issued Check No. 1042 in payment of office and sales salaries for May, $15,800. p. 31. Journalized adjusting entries from the work sheet prepared for the fiscal year ended May 31. O'Malley Co. maintains a sales/revenue journal, a cash receipts journal, a purchases journal, a cash payments journal, and a general journal. In addition, accounts receivable and accounts payable subsidiary ledgers are used. Instructions: 1. Indicate the journal in which each of the preceding transactions, (a) through (p), would be recorded. 2. Indicate whether an account in the accounts receivable, an accounts payable, or no subsidiary ledgers would be affected for each of the preceding transactions. 3. Journalize ONLY transactions (b), (c), (d), (h), and (j) in the appropriate journals. Purchases Journal Cash Payments Journal Sales/Revenue Journal Step by Step Solution
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