Prepare trail balance, income statement, owners' equity statement and balance sheet.
- Journalize May transactions.
- post entries to general ledger
- Prepare trail balance.
- Prepare income statement, owners' equity statement and balance sheet.
Entry No. Entry Information
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May 1
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Owner H. Hadi invested $40,000 in the business.
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May 4
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Equipment was purchased at a cost of $7,000; a three-month, 10% note payable was signed for this amount.
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May 5
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Paid a supplier $1,500 cash on account.
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May 8
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Paid $1,800 in cash to Palmero Company for May rent.
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May 10
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Purchased supplies for $2,500 cash. The supplies are expected to last through July.
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May 14
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Paid $300 cash to the Daily News for advertisements run this past week.
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May 16
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Billed customers $8,000 for services rendered.
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May 19
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Received $5,000 from customers for services rendered during the week.
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May 25
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Additional supplies were purchased on account at a cost of $800 from Superior Supplies Company. These supplies will be used during June.
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May 26
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Received $11,000 from customers for services to be rendered early in June.
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May 27
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Paid the Weekly News $300 for an advertisement that will run the first week in June.
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May 28
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Received $4,000 on account.
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May 30
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Owner H. Hadi withdrew $500 for personal use.
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May 30
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K. Minor, H. Rath's administrative assistant, was paid $1,800 cash for her salary.
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