Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The following information relates to Moon Real Estate Agency during first month of operations. On May 1, 2021, the owne Moon Lee, invests $40.000 in

image text in transcribed
image text in transcribed
The following information relates to Moon Real Estate Agency during first month of operations. On May 1, 2021, the owne Moon Lee, invests $40.000 in cash in starting a real estate office operating as a sole proprietorship. Transactions during remainder of the month are as follows: Date Transactions May 3 purchased 5500 of supplies on credit. May 6 Purchased equipment for 59,000, paying 54,000 in cash and signed a 30-day. $5,000, note payable May 11 Real estate commissionsbilled to clients amount to $4,000 May 13 paid $200 in cash for the current month's rent. May 18 Paid $200 cash on account for supplies purchased on May May 21 Received a bill for 5600 for advertising for the current month May 26 Pad 52.500 cash for office sales and wages May 27 Pald 1800 for one year insurance policy Mayai Received a check for $2.500 from a chetin payment on account for consons billed on May 11 REQUIRED Prepare journalents to record each of transaction occurred Post the journal entries to accounts Prepare a trial balance as at May 31, 2021 Date The following information relates to Moon Real Estate Agency during first month of operations. On May 1, 2021, the owner, Moon Lee, invests 540,000 n cash in starting a real estate office operating as a sole proprietorship. Transactions during remainder of the month are as follows: Transactions Purchased 5500 of supplies on credit. Purchased equipment for 59.000, paying 54.000 in cash and signed a 30-day $5,000, note payable May 3 May 6 May 11 Real estate commissionsbilled to clients amount to $4,000 May 13 Pad 5800 in cash for the current month's rent May te Pad 5200 cash on account for supplies purchased on May 3. May 21 Receved a bill for 5500 for advertising for the current month Paid $2.500 cash for office salaries and wages May 26 May 22 Paid 51,800 for one year insurance policy May 31 Received a check for $2.500 from a client in payment on account for commissions billed on May 11 REQUIRED: Prepare journal entries to record each of transaction occurred. Post the journal entries to ledger accounts d Prepare a trial balance as at May 31, 2021

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

College Accounting, Chapters 1-27

Authors: James A. Heintz, Robert W. Parry

21st Edition

1285055411, 9781285055411

More Books

Students also viewed these Accounting questions

Question

Explain the difference between cash and profit.

Answered: 1 week ago