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what is ledger account answer,help ABC Company was formed on May 1, 2017. The following transactions took place during the first month. 1. Shareholders invested
what is ledger account answer,help
ABC Company was formed on May 1, 2017. The following transactions took place during the first month. 1. Shareholders invested 46,200 cash in exchange for ordinary shares. 2. Hired two employees to work in the warehouse. They will each be paid a salary of 2,820 per month Signed a 2-year rental agreement on a warehouse; paid 24,310 cash in advance for the first year. 4. Purchased furniture and equipment costing 31,470. A cash payment of 6,000 was made immediately, the remainder will be paid in 6 months. 5. Paid 1,668 cash for a one-year insurance policy on the furniture and equipment. 6. Purchased basic office supplies for 927 cash. 7. Purchased more office supplies for 1,308 on account. 8 Total revenues recognized were 17,080-4,650 cash and 12,430 on account. 9. Paid 379 to suppliers for accounts payable due. 10. Received 2.780 from customers in payment of accounts receivable 110 Received utility bills in the amount of 283, to be paid next month. 12. Paid the monthly salaries of the two employees, totalling 5,640. Use the following list of accountants: Accounts Payable, Accounts Receivable, Advertising Expense, Buildings, Cash, Dividends, Equipment, Gasoline Expense, Insurance Expense, Land, Maintenance and Repairs Expense, Miscellaneous Expense, Mortgage Payable, Notes Payable, Prepaid Insurance, Prepaid Rent, Rent Expense, Rent Revenue, Retained Earnings, Salaries and Wages Expense, Salaries and Wages Payable, Service Revenue, Share Capital-Ordinary, Supplies, Supplies Expense, Unearned Service Revenue, Utilities Expense Instructions: a. Journalize the above transactions (12 marks) b. Post the entries to the ledger accounts. (11 marks) c. Prepare a trial balance on May 31, 2017 (5 marks) d. Prepare an Income statement and a Retained Earnings Statement for the month of May, 2017 and a Balanced Sheet on May 31, 2017 (12 marks - 4+246)Step by Step Solution
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