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In: Accounting

Date May-01 Collected $1900 cash from customer accounts receivable May-02 Purchased supplies on account that cost...

Date
May-01 Collected $1900 cash from customer accounts receivable
May-02 Purchased supplies on account that cost $360
May-07 Recorded services of catering to customers and cash receipts were $610 and invoices for services on account were $1800
May-08

Received $700 cash as an advance payment on April 9 from a client to be served in May and completed the job on 8th May.
May-10 Paid the utility company for the monthly utility bills that had been received in the previous month, $340
May-15 Paid $1800 cash for employee salaries
May-15 Purchased a one-year insurance policy for $1200 on the refrigerator
May-16 Paid $220 on the account payable that was established when supplies were purchased on May 2.
May-20 Paid a $400cash dividend to the stockholders
May-27 Received monthly utility bills amounting to $360. The bills would be paid in the month of June
May-31 Recorded revenues to customers. Cash receipts were $900, and invoices for sales on account were $1400
May-31 Paid $1800 cash for employee salaries

Identify the assets and liabilities for the month of May.

Solutions

Expert Solution

journals

debit credit
May 01 cash 1900
account receivable 1900
May 02 supplies 360
Account payable 360
May 07 cash 610$
account receivable 1190 [1800-610]
services of catering $1800
May 08 unearned service revenue $700
service revenue $700
May 10 utility bills payable $340
cash $340
May 15 salaries 1800
cash 1800
May 15 insurance 100 [1200/12months]*may month
prepaid insurance 1100 prepaid for 11 months
cash 1200
May 16 account payable 220
cash 220
May 20 dividend 400
cash 400
May 27 utility expense 360
utility payable 360
May 31 cash 900
account receivable 500
service revenue 1400
May 31 salaries 1800
cash 1800

assets and liabilities for the month of May.

assets
cash [1900+610-340-1800-1200-220-400+900-1800] -2350
account receivable -1900+1190+500 -210
supplies 360
prepaid insurance 1100
liabilities
account payable [360-220] 140
utility payable -340+360 20
unearned service revenue -700

ekkarill92 answered 2 years ago
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