May

Date

1 Collected $1900cash from customer accounts receivable.

2 Purchased supplies on account that cost $360.

7 Recorded services of catering to customers. Cash receipts were $610, and invoices

for services on account were $1800.

8 The catering job was completed that was paid for in advance on April 9.

10 Paid the utility company for the monthly utility bills that had been received in the

previous month, $340.

15 Paid $1800cash for employee salaries.

15 Purchased a one-year insurance policy for $1200on the refrigerator.

16 Paid $220on the account payable that was established when supplies were purchased

on May 2.

20 Paid a $400cash dividend to the stockholders.

27 Received monthly utility bills amounting to $360. The bills would be paid in the

month of June.

31 Recorded revenues to customers. Cash receipts were $900, and invoices

for sales on account were $1400.

31 Paid $1800cash for employee salaries.

Required:

a. Record the transactions in the general journal.

b. Open general ledger accounts, using the T-accounts provided, and post the general journal entries to

the ledger.

c. Record and post the appropriate adjustingentries.

d. Prepare an adjusted trial balance.

e. Prepare an income statement, statement of retained earnings, and balance sheet for May.