Prepare Journal Entries for the following Transactions:

May

1 Stockholders invested $15,000 cash in the business in exchange for common stock

2 Paid $600 for office rent for the month

3 Purchased $500 of supplies on account

5 Paid $150 to advertise in County News

9 Received $1,400 cash for services performed

12 Paid $200 cash dividend

15 Performed $4,200 of services on account

17 Paid $2500 for employee salaries

20 Paid for the supplies purchased on account on may 3

23 Received a cash payment of $1200 for services performed on account on may 15

26 Borrowed $5000 from the bank on a note payable

29 Purchased office equipment for $2000 paying $200 in cash and the balance on

account

30 Paid $180 for utilities