Question

May	1	Jill Wahpoosywan invested $85,000 in cash and office equipment that had a fair value of $58,000 in the business.
	1	Prepaid $17,400 cash for three months’ rent for an office.
	2	Made credit purchases of office equipment for $29,000 and office supplies for $5,800.
	6	Completed services for a client and immediately received $9,000 cash.
	9	Completed a $17,000 project for the Chicago Blackhawks who will pay within 30 days.
	10	Paid half of the account payable created on May 2.
	19	Paid $8,500 cash for the annual premium on an insurance policy.
	22	Received $13,800 as partial payment for the work completed on May 9.
	25	Completed work for the Washington Redskins for $6,280 on credit.
	25	Paid wages for May totalling $39,000.
	31	Wahpoosywan withdrew $6,000 cash from the business for personal use.
	31	Purchased $2,100 of additional office supplies on credit.
	31	Paid $1,500 for the month’s utility bill.

  

Required:

1.	Prepare General Journal entries to record the transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field). 2. Post the entries to the accounts and enter the balance after each posting.    3. Prepare a trial balance at May 31, 2014.

Answer 1

as per policy first question will be answered completely

journal entries

date	account titles				debit	credit
May-01	cash				85000
	office equipment				58000
	Wahpoosywan,capital					143000
May-01	rent				5800		(17400*1/3)
	prepaid rent				11600		(17400*2/3)
	cash					17400
May-02	office equipment				29000
	office supplies				5800
	accounts payable					34800
May-06	cash				9000
	service revenue					9000
May-09	accounts receviable				17000
	service revenue					17000
May-10	accounts payabel				17400		(34800/2)
	cash					17400
May-19	insurance premium				8500
	cash					8500
May-22	cash				13800
	accouts receivable					13800
May-25	accounts receivable				6280
	service revenue					6280
May-25	wages expense				39000
	cash					39000
May-31	wahpoosywan, withrawls				6000
	cash					6000
May-31	office supplies				2100
	accounts payable					2100
May-31	utility expense				1500
	cash					1500