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Wickers Restoration Services had the following transactions on May. 1. Received $48,000 from sale of common stock. 2. Paid rent on office for the month,

Wickers Restoration Services had the following transactions on May.

1. Received $48,000 from sale of common stock.
2. Paid rent on office for the month, $880.
3. Purchased supplies on account, $1,750.
4. Earned fees, receiving cash, $12,600.
5. Paid creditor on account, $1,000.
6. Paid automobile expenses for month, $375, and miscellaneous expenses, $250.
7. Paid office salaries for the month, $3,900.
8. Earned fees which the customer will pay next month, $2,400.
9. Determined that the cost of supplies used was $280.
10. Paid dividends, $2,400.
image text in transcribed a. Prepare the journal entries for the transactions on May 31. Refer to the Chart of Accounts for exact wording of account titles. PAGE 1 JOURNAL ACCOUNTING EQUATION \begin{tabular}{|c|c|c|c|c|c|c|c|c|} \hline & DATE & DESCRIPTION & POST. REF. & DEBIT & CREDIT & ASSETS & LIABILITIES & EQUITY \\ \hline 1 & & & & & & & & \\ \hline 2 & & & & & & & & \\ \hline 3 & & & & & & & & \\ \hline 4 & & & & & & & & \\ \hline 5 & & & & & & & & \\ \hline 6 & & & & & & & & \\ \hline 7 & & & & & & & & \\ \hline 8 & & & & & & & & \\ \hline 9 & & & & & & & & \\ \hline 10 & & & & & & & & \\ \hline 11 & & & & & & & & \\ \hline 12 & & & & & & & & \\ \hline 13 & & & & & & & & \\ \hline 14 & & & & & & & & \\ \hline 15 & & & & & & & & \\ \hline 16 & & & & & & & & \\ \hline 17 & & & & & & & & \\ \hline 18 & & & & & & & & \\ \hline 19 & & & & & & & & \\ \hline 20 & & & & & & & & \\ \hline \end{tabular}

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