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Hi, can you please help me solve this problem step by step because it is hard to do. Thanks so much I will give a
Hi, can you please help me solve this problem step by step because it is hard to do. Thanks so much I will give a rating!
Also can you please state for problem P2-17B:
What the balance of the Cash account is as of the end of May. The total amount of your debits and total amount of credits on your trial balance.
Thanks so much and hope you have a great day!
=== 540,400 3.560 040 Cash.. Accounts rocelvable Supplies Ollice equipment Accounts payablo...... Notos payablo...... Common slock... Professional foos camod Rant expenso.... U Mos expense.... Salarios exponso Toins 5,000 130 50,000 50,000 8,570 ***** 1.610 290 5.950 $58,700 $113,700 MIE P2.17B. Transaction Analysis and Trial Balance Muff & Company, Electrical Contractors began operations LO5, 6 on May 1. The following transactions occurred during the month of May: I Stockholders invested $65,000 in the business in exchange for common stock. 2 Purchased equipment on account. $4,200. 3 Retured S200 or equipment that was not satisfactory. The retum reduced the amount owed to the supplier 4 Purchased supplies on account, $940. 5 Purchased a truck for $12,500. The company paid $5,500 cash and gave a nole payable for the balance. 6 Pald rent for May, $875. 7 Paid fuel cost for truck, S60. 8 Billed customers for services rendered, $15.700. 9 Paid $4,400 on account for equipment purchased on May 2. 10 Pald utilities for May, $210. 11 Received invoice for May advertising, to be paid in June, $280. 12 Paid employees' wages, $5.350. 13 Collected $8,600 on accounts receivable, 14 The company paid stockholders a dividend of S2,500 cash. 15 Paid interest for May on an outstanding note payable, $75. Required a. Create joumal entries and record the above transactions in T-accounts, and key entries with the numbers of the transactions. The following accounts will be needed to record the transactions for May: Cash; Accounts Receivable; Supplies; Equipment: Truck; Accounts Payable; Notes Pay- able: Common Stock: Dividends: Service Revenue; Rent Expense; Wages Expense; Utilities Ex- pense; Truck Expense; Advertising Expense; and Interest Expense. b. Prepare a trial balance as of May 31Step by Step Solution
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