Question

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:

a. Record the transactions in the general journal.

b. Post into the T-accounts.

c. Record and post the appropriate adjustingentries.

d. Prepare an adjusted trial balance.

e. Prepare an income statement, statement of retained earnings, and balance sheet for May.

Answer 1

a) General Journal Transactions for May

b) T Accounts Posting

c) There is no information given regarding the adjustment entries. The only entry which I could found was the insurance expense for 15 Days that I have already taken in to account in the main entry.

d) Trial Balance for the month of May

Account	Debit ($)	Credit ($)
Cash		2,350
Accounts Receivable	1,300
Supplies	360
Accounts Payable		160
Service Revenue		4,710
Salaries and Wages	3,600
Insurance Expenses	50
Prepaid Insurance	1,150
Dividend	400
Utilities Expenses	360
	7,220	7,220