Question
Q1. Integrity Siding Company, owned by S. Integrity began operations in May and completed the following transactions during that first month of operations. Required: record
Q1. Integrity Siding Company, owned by S. Integrity began operations in May and completed the following transactions during that first month of operations.
Required:
- record the following transactions in the journal
- post to the relevant accounts
- extract a trial balance
May
1
S. Integrity invested GHC90,000 cash in the company.
2
The company purchased GHC25,000 in office equipment. It paid GHC10,000 in cash and signed a note payable promising to pay the GHC15,000 over the next three years.
2
The company rented office space and paid GHC3,000 for the May
rent.
6
7
the May 6 job.
8
The company installed new vinyl siding for a customer and immediately collected GHC5,000.
The company paid a supplier GHC2,000 for siding materials used on
The company purchased a GHC2,500 copy machine for office use on
credit.
9
15
of the month
The company completed work for additional customers on credit in the amount of GHC16,000.
The company paid its employees' salaries GHC2,300 for the first half
17
collected GHC2,400.
20
The company installed new siding for a customer and immediately
The company received GHC10,000 in payments from the customers
billed on May 9.
28
The company paid GHC1,500 on the copy machine purchased on May
8. It will pay the remaining balance in June.
31
The company paid its employees' salaries GHC2,400 for the second half of the month.
31
31
The company paid a supplier GHC5,300 for siding materials used on the remaining jobs completed during May.
The company paid GHC450 for this month's utility bill.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started