Prepare properly formatted General Journal Entries with Explanations.

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 the 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 $2,500 for employee salaries.
		20	Paid for the supplies purchased on account on May 3.
		23	Received a cash payment of $1,200 for services performed on account on May 15.
		26	Borrowed $5,000 from the bank on a note payable.
		29	Purchased office equipment for $2,000 paying $200 in cash and the balance on account.
		30 Paid $180 for utilities.

Question 1

On May 1, the journal entry included a:

Group of answer choices

Debit to Cash

Debit to Common Stock

Credit to Cash

Credit to Revenue

Question 2

The correct May 2 journal entry was:

Group of answer choices

DR Rent Expense, CR Cash

DR Cash, CR Rent Expense

DR Prepaid Rent, CR Rent Expense

DR Cash, CR Prepaid Rent

Question 3

On May 3, the correct journal entry is:

Group of answer choices

DR Supplies; CR Accounts Payable

DR Supplies; CR Accounts Receivable

DR Supplies; CR Cash

DR Accounts Payable; CR Supplies

Question 4

On May 9th, the journal entry included:

Group of answer choices

CR Revenue

DR Revenue

DR Accounts Receivable

CR Cash

Question 5

On May 12th, the journal entry included

Group of answer choices

DR Dividends

CR Dividends

DR Cash

CR Accounts Payable

Question 6

On May 15th, the journal entry included:

Group of answer choices

DR Accounts Receivable

CR Accounts Receivable

CR Cash

DR Revenue

Question 7

On May 20th, the journal entry included:

Group of answer choices

DR Accounts Payable

CR Accounts Payable

DR Accounts Receivable

CR Accounts Receivable

Question 8

On May 23rd, the journal entry included:

Group of answer choices

CR Accounts Receivable

DR Accounts Receivable

DR Accounts Payable

CR Accounts Payable

Question 9

At the end of the month, the ending cash balance was:

Group of answer choices

$18,270 DR

$18,270 CR

$15,270 DR

$15,270 CR

Question 10

The ending DR & CR balances on the Trial Balance was:

Group of answer choices

$27,400

$24,900

$30,000

$18,270