Q2: XYZ Co. was started on May 1. A summary of May transactions is presented below:

May1, Invested $600,000 cash to start the repair shop.

May 2, Purchased equipment for $80,000 cash.

May 3 , Paid $50,000 cash for May office rent

. May 4 , Paid $15,000 cash for supplies.

May 5. Received $60,000 in cash from customers for service completed.

May 76. Withdrew $15,000 cash for personal use.

May 7. Paid employee salaries $70,000.

May 8. Paid utility bills $2500.

May 9. Provided repair service on account to customers $90,000.

May 10. Collected cash of $25,000 for services billed in transaction (May 9.).

• Enter these transactions in journal.
• Post to cash ledger account.
• Prepare trial balance