INFORMATION

EXERCISE BELOW

Alonzo Ezequiel started his ironing services business on May 1, 2023 with the business name incorporated as ALONEZE Iron Express Inc. The following transactions were made by ALONEZE Corporation during the month of May. You do not have to write the explanation of each transaction. May 2 - Alonzo invested $40,000, acquiring common stock in the corporation. May 3- he paid in "Cash" $800 rent for the month of May. May 4- Bought $1,700 worth of Supplies on credit. May 5- Received \$3,200 in Cash Advance for Unearned Services. May 10- Bought "Equipment" for $16,000, paying $3,000 in "Cash" and signed a "Long Term Note Payable" for $13,000, payable in three years. May 12- Ironing services performed and billed to customers $8,400, but not collected (Fiao). May 14- Paid $800 in "Cash" to credit the account for materials purchased on May 4. May 15- Prepaid Insurance paid $1,200 in advance for one year. May 17- Incurred $700 for car expenses, received the invoice, but it was pending paymen until the following September. May 20 - Paid \$2,100 in "Cash" to employees for "Salaries Expenses" May 21 - The Board of Directors declared a cash dividend of $2,200 to the sole shareholder, Alonzo. May 22 - Received the amount of $6,400 in cash from customers (Accounts Receivable) that had been invoiced to them on May 12. May 25- Received $12,000 in cash for ironing services during the month of May. May 27 - Paid $400 in cash for miscellaneous expenses. May 31 - The Cash Dividend declared on May 21 was paid. a)Transfer (Posting Process) the "General Journal" entries to the "General Ledger" T accounts b) Obtain individual T account balances from the General Ledger. c) Transfer the adjustment entries to the individual T accounts of the "General Ledger". d)Obtain individual T account balances from the General Ledger. e) Transfer closing entries to individual General Ledger accounts