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Please fill this out as much as possible. 1-May Issued common stock in exchange for cash 1-May Purchased a one-year insurance policy to be consumed
Please fill this out as much as possible.
1-May Issued common stock in exchange for cash 1-May Purchased a one-year insurance policy to be consumed evenly over the next 12 months 1-May Prepaid the next 6 months of rent 1-May Purchased for cash a truck to be used in the business 5-May Received prepayment of cash for a contracted job to be performed in May 5-May Purchased Office Supplies on credit $50,000 $ 4,800 $ 3,600 $18,000 $ 4,500 $ 1,200 $ 8,600 $ 1,300 $ 1,500 $ 1,000 10-May Billed customers for services provided 12-May Paid advertising expense 23-May Paid salaries to employees 31-May Paid dividends to stockholders Adjusting Entries: Recognize rent for month of May Recognize insurance for month of May Recognize Depreciation for on month Truck has a 5 year useful life and a $3,000 salvag An inventory count of office supplies at may 31 showed $500 of suppies on hand Employees' salaries earned durning May but not to be paid until June was $500 cash Acc Pay Service Revenue Supplies exp Unearned rev Dividend Exp Acc Rec Salary Payable Salary Exp Stock Truck Advertising Exp Accum Dep DepExp Prepaid Insurance Insur Exp Prepaid Rent Rent Exp SuppliesStep by Step Solution
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