Question

Month of May

Date
May-01	Collected $1900cash 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	The catering job was completed that was paid for in advance on April 9
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

Required:

Record and post the appropriate adjusting entries for the month.

Answer 1