Question
Toms Company, a retailer, had the following account balances as of April 30, 2017: Debit Credit Cash 8,050 Accounts Receivable 2,450 Building 30,000 Furniture 2,000
Toms Company, a retailer, had the following account balances as of April 30, 2017:
Debit Credit
Cash 8,050
Accounts Receivable 2,450
Building 30,000
Furniture 2,000
Accounts Payable 18,500
Capital Stock 15,000
Retained Earnings 9,000
Totals 42,500 42,500
During May, the company completed the following transactions.
May 3 Collected all of the accounts receivable
May 6 Paid one-half of the accounts payable
May 7 Providing services for $3,000 cash and $2,000 on account.
May 21 Issued additional capital stock for $1,000 cash.
May 23 Providing services for $3,750 cash.
May 25 Paid salaries of $1,000.
May 26 Paid rent of $250.
May 29 Purchased furniture for $250 cash.
Required:
Prepare the journal entry for each transaction.
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