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This question has two (2) parts Part A Millie McGee recently opened a small financial planning services business offering financial advice to clients residing
This question has two (2) parts Part A Millie McGee recently opened a small financial planning services business offering financial advice to clients residing on the Central Coast. The following transactions occurred during the first month of operations for May 2022. May 2 May 5 Millie contributed $15,000 cash to the start the business. Millie meets with her bank to negotiate a business loan for $30,000 to finance her business. No loan agreement is signed on the day. May 10 May 18 The business purchased office supplies for $600 cash. The business purchased a new motor vehicle for $25,000. $5,000 of the purchase price was paid in cash and remaining amount was financed by a bank loan. May 25 retirement. May 30 wedding. Required: Millie invoiced Sarah and Gavin Black $7,200 for providing financial advice for their upcoming Millie withdrew $1,000 from the business bank account to buy herself a new dress for a friend's Prepare the general journal entries to record the above transactions for the month of May 2022. Narrations ARE required (9 marks). Part B Post the transactions that occurred on May 2nd and May 25th to the appropriate general ledger T-accounts. Include the account name at the top of each T-account (6 marks).
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