Question
Ivanhoe Inc.s general ledger at April 30, 2021, included the following: Cash $5,000; Supplies $300; Equipment $20,000; Accounts Payable $2,100; Deferred Revenue (from gift certificates)
Ivanhoe Inc.s general ledger at April 30, 2021, included the following: Cash $5,000; Supplies $300; Equipment $20,000; Accounts Payable $2,100; Deferred Revenue (from gift certificates) $1,200; Bank Loan Payable $10,000; Common Shares $5,000; and Retained Earnings $7,000. The following transactions occurred during May: May 1 Paid rent for the month of May, $1,200. 4 Paid $1,200 of the account payable outstanding at April 30. 7 Issued gift certificates for future services for $1,500 cash. 15 Received $2,100 from customers for services performed to date. 15 Paid $1,200 in salaries to employees. 17 Customers receiving services worth $700 used gift certificates in payment. 18 Paid the remaining accounts payable from April 30. 22 Purchased supplies of $700 on the account. 24 Received a bill for advertising for $500. This bill is due on June 22. 25 Received and paid a utility bill for $400. 28 Received $2,100 from customers for services performed. 29 Customers receiving services worth $600 used gift certificates in payment. 30 Interest of $50 was paid on the bank loan. 31 Paid $1,200 in salaries to employees. 31 Paid income tax instalment for the month, $150. Provide the journal entries.
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