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Bill Smith opened Smith Construction on April 1, 2010. The given amounts summarize the transactions and financial position of Smith construction as of May 31.

During May the given transactions occurred:


1-May: Smith received $10,000 as an inheritance and used it to buy stock in the company. 

7-May: Smith paid his accounts payable balance. 

15-May: Smith replaced some windows for a client and received $5,000 cash for his services.

17-May: Smith collected $1,200 from a customer for a job performed in April.

20-May: Smith purchased supplies for $1,000 on account.

24-May: Smith gave a bid to a customer and billed the customer for the services performed $800

25-May: Smith sold $5,000 of company stock to his brother

28-May: Smith paid wages to his workers of $1,800

30-May: Smith paid office rent of $1,000

30-May: Smith paid dividends to himself of $1,400

Requirements:

1) Enter the transactions for May to the accounting equation, computing new balances after each entry.

2) Make the Income Statement for the month of May for Smith Construction.

3) Make the Statement of Retained Earnings for Smith Construction for the Month of May.

4) Make the Balance Sheet for Smith Construction as of May 31, 2010.

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M921891

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