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(I need answer typed please) Transaction Analysis and Trial Balance Walsh & Company, Electrical Contractors began...

(I need answer typed please)

Transaction Analysis and Trial Balance

Walsh & Company, Electrical Contractors began operations on May 1. The following transactions occurred during the month of May:

May	1	Stockholders invested $50,800 in the business in exchange for common stock.
	2	Purchased equipment on account, $5,000.
	3	Returned $1,000 of equipment that was not satisfactory. The return reduced the amount owed to the supplier.
	4	Purchased supplies on account, $1,660.
	5	Purchased a truck for $11,300. Walsh paid $6,300 cash and gave a note payable for the balance.
	6	Paid rent for May, $2,475.
	7	Paid fuel cost for truck, $1,660.
	8	Billed customers for services rendered, $15,300.
	9	Paid $4,600 on account for the equipment purchased on May 2.
	10	Paid utilities for May, $1,810.
	11	Received invoice for May advertising, to be paid in June, $1,880.
	12	Paid employees' wages, $4,950.
	13	Collected $10,200 on accounts receivable.
	14	Walsh paid stockholders a dividend of $2,300 cash.
	15	Paid interest for May on an outstanding note payable, $160.

Required

a. Create journal entries and record the above transactions in T-accounts, and key entries with the numbers of the transactions. The following accounts will be needed to record the transactions for May: Cash; Accounts Receivable; Supplies; Equipment; Truck; Accounts Payable; Notes Payable; Common Stock; Dividends; Service Revenue; Rent Expense; Wages Expense; Utilities Expense; Truck Expense; Advertising Expense; and Interest Expense.

General Journal
Date	Description	Debit	Credit
(1)	AnswerAccounts PayableAccounts ReceivableAdvertising ExpenseCashCommon StockDividendsEquipmentInterest ExpenseNotes PayableRent ExpenseService RevenueSuppliesTruckTruck ExpenseUtilities ExpenseWages Expense	Answer	Answer
	AnswerAccounts PayableAccounts ReceivableAdvertising ExpenseCashCommon StockDividendsEquipmentInterest ExpenseNotes PayableRent ExpenseService RevenueSuppliesTruckTruck ExpenseUtilities ExpenseWages Expense	Answer	Answer
	To record issuance of common stock.

(2)	AnswerAccounts PayableAccounts ReceivableAdvertising ExpenseCashCommon StockDividendsEquipmentInterest ExpenseNotes PayableRent ExpenseService RevenueSuppliesTruckTruck ExpenseUtilities ExpenseWages Expense	Answer	Answer
	AnswerAccounts PayableAccounts ReceivableAdvertising ExpenseCashCommon StockDividendsEquipmentInterest ExpenseNotes PayableRent ExpenseService RevenueSuppliesTruckTruck ExpenseUtilities ExpenseWages Expense	Answer	Answer
	To record purchase of equipment on account.

(3)	AnswerAccounts PayableAccounts ReceivableAdvertising ExpenseCashCommon StockDividendsEquipmentInterest ExpenseNotes PayableRent ExpenseService RevenueSuppliesTruckTruck ExpenseUtilities ExpenseWages Expense	Answer	Answer
	AnswerAccounts PayableAccounts ReceivableAdvertising ExpenseCashCommon StockDividendsEquipmentInterest ExpenseNotes PayableRent ExpenseService RevenueSuppliesTruckTruck ExpenseUtilities ExpenseWages Expense	Answer	Answer
	To record return of equipment on account.

(4)	AnswerAccounts PayableAccounts ReceivableAdvertising ExpenseCashCommon StockDividendsEquipmentInterest ExpenseNotes PayableRent ExpenseService RevenueSuppliesTruckTruck ExpenseUtilities ExpenseWages Expense	Answer	Answer
	AnswerAccounts PayableAccounts ReceivableAdvertising ExpenseCashCommon StockDividendsEquipmentInterest ExpenseNotes PayableRent ExpenseService RevenueSuppliesTruckTruck ExpenseUtilities ExpenseWages Expense	Answer	Answer
	To record supplies purchased on account.

(5)	AnswerAccounts PayableAccounts ReceivableAdvertising ExpenseCashCommon StockDividendsEquipmentInterest ExpenseNotes PayableRent ExpenseService RevenueSuppliesTruckTruck ExpenseUtilities ExpenseWages Expense	Answer	Answer
	Cash	Answer	Answer
	AnswerAccounts PayableAccounts ReceivableAdvertising ExpenseCashCommon StockDividendsEquipmentInterest ExpenseNotes PayableRent ExpenseService RevenueSuppliesTruckTruck ExpenseUtilities ExpenseWages Expense	Answer	Answer
	To record purchase of truck.

(6)	AnswerAccounts PayableAccounts ReceivableAdvertising ExpenseCashCommon StockDividendsEquipmentInterest ExpenseNotes PayableRent ExpenseService RevenueSuppliesTruckTruck ExpenseUtilities ExpenseWages Expense	Answer	Answer
	AnswerAccounts PayableAccounts ReceivableAdvertising ExpenseCashCommon StockDividendsEquipmentInterest ExpenseNotes PayableRent ExpenseService RevenueSuppliesTruckTruck ExpenseUtilities ExpenseWages Expense	Answer	Answer
	To record payment for rent.

(7)	AnswerAccounts PayableAccounts ReceivableAdvertising ExpenseCashCommon StockDividendsEquipmentInterest ExpenseNotes PayableRent ExpenseService RevenueSuppliesTruckTruck ExpenseUtilities ExpenseWages Expense	Answer	Answer
	AnswerAccounts PayableAccounts ReceivableAdvertising ExpenseCashCommon StockDividendsEquipmentInterest ExpenseNotes PayableRent ExpenseService RevenueSuppliesTruckTruck ExpenseUtilities ExpenseWages Expense	Answer	Answer
	To record fuel expense for truck.

(8)	AnswerAccounts PayableAccounts ReceivableAdvertising ExpenseCashCommon StockDividendsEquipmentInterest ExpenseNotes PayableRent ExpenseService RevenueSuppliesTruckTruck ExpenseUtilities ExpenseWages Expense	Answer	Answer
	AnswerAccounts PayableAccounts ReceivableAdvertising ExpenseCashCommon StockDividendsEquipmentInterest ExpenseNotes PayableRent ExpenseService RevenueSuppliesTruckTruck ExpenseUtilities ExpenseWages Expense	Answer	Answer
	To record billings for service revenue.

(9)	AnswerAccounts PayableAccounts ReceivableAdvertising ExpenseCashCommon StockDividendsEquipmentInterest ExpenseNotes PayableRent ExpenseService RevenueSuppliesTruckTruck ExpenseUtilities ExpenseWages Expense	Answer	Answer
	AnswerAccounts PayableAccounts ReceivableAdvertising ExpenseCashCommon StockDividendsEquipmentInterest ExpenseNotes PayableRent ExpenseService RevenueSuppliesTruckTruck ExpenseUtilities ExpenseWages Expense	Answer	Answer
	To record payment of equipment purchased.

(10)	AnswerAccounts PayableAccounts ReceivableAdvertising ExpenseCashCommon StockDividendsEquipmentInterest ExpenseNotes PayableRent ExpenseService RevenueSuppliesTruckTruck ExpenseUtilities ExpenseWages Expense	Answer	Answer
	AnswerAccounts PayableAccounts ReceivableAdvertising ExpenseCashCommon StockDividendsEquipmentInterest ExpenseNotes PayableRent ExpenseService RevenueSuppliesTruckTruck ExpenseUtilities ExpenseWages Expense	Answer	Answer
	To record payment of utilities expense.

(11)	AnswerAccounts PayableAccounts ReceivableAdvertising ExpenseCashCommon StockDividendsEquipmentInterest ExpenseNotes PayableRent ExpenseService RevenueSuppliesTruckTruck ExpenseUtilities ExpenseWages Expense	Answer	Answer
	AnswerAccounts PayableAccounts ReceivableAdvertising ExpenseCashCommon StockDividendsEquipmentInterest ExpenseNotes PayableRent ExpenseService RevenueSuppliesTruckTruck ExpenseUtilities ExpenseWages Expense	Answer	Answer
	To record invoice for advertising.

(12)	AnswerAccounts PayableAccounts ReceivableAdvertising ExpenseCashCommon StockDividendsEquipmentInterest ExpenseNotes PayableRent ExpenseService RevenueSuppliesTruckTruck ExpenseUtilities ExpenseWages Expense	Answer	Answer
	AnswerAccounts PayableAccounts ReceivableAdvertising ExpenseCashCommon StockDividendsEquipmentInterest ExpenseNotes PayableRent ExpenseService RevenueSuppliesTruckTruck ExpenseUtilities ExpenseWages Expense	Answer	Answer
	To record payment of salaries.

(13)	AnswerAccounts PayableAccounts ReceivableAdvertising ExpenseCashCommon StockDividendsEquipmentInterest ExpenseNotes PayableRent ExpenseService RevenueSuppliesTruckTruck ExpenseUtilities ExpenseWages Expense	Answer	Answer
	AnswerAccounts PayableAccounts ReceivableAdvertising ExpenseCashCommon StockDividendsEquipmentInterest ExpenseNotes PayableRent ExpenseService RevenueSuppliesTruckTruck ExpenseUtilities ExpenseWages Expense	Answer	Answer
	To record cash collected form customers.

(14)	AnswerAccounts PayableAccounts ReceivableAdvertising ExpenseCashCommon StockDividendsEquipmentInterest ExpenseNotes PayableRent ExpenseService RevenueSuppliesTruckTruck ExpenseUtilities ExpenseWages Expense	Answer	Answer
	AnswerAccounts PayableAccounts ReceivableAdvertising ExpenseCashCommon StockDividendsEquipmentInterest ExpenseNotes PayableRent ExpenseService RevenueSuppliesTruckTruck ExpenseUtilities ExpenseWages Expense	Answer	Answer
	To record payment of dividends.

(15)	AnswerAccounts PayableAccounts ReceivableAdvertising ExpenseCashCommon StockDividendsEquipmentInterest ExpenseNotes PayableRent ExpenseService RevenueSuppliesTruckTruck ExpenseUtilities ExpenseWages Expense	Answer	Answer
	AnswerAccounts PayableAccounts ReceivableAdvertising ExpenseCashCommon StockDividendsEquipmentInterest ExpenseNotes PayableRent ExpenseService RevenueSuppliesTruckTruck ExpenseUtilities ExpenseWages Expense	Answer	Answer
	To record payment of interest expense.

Cash
(1)	Answer	Answer
(5)	Answer	Answer
(6)	Answer	Answer
(7)	Answer	Answer
(9)	Answer	Answer
(10)	Answer	Answer
(12)	Answer	Answer
(13)	Answer	Answer
(14)	Answer	Answer
(15)	Answer	Answer
Bal	Answer	Answer

Accounts Receivable
(8)	Answer	Answer
(13)	Answer	Answer
Bal	Answer	Answer

Truck
(5)	Answer	Answer
Bal	Answer	Answer

Notes Payable
(5)	Answer	Answer
Bal	Answer	Answer

Accounts Payable
(2)	Answer	Answer
(3)	Answer	Answer
(4)	Answer	Answer
(9)	Answer	Answer
(11)	Answer	Answer
Bal	Answer	Answer

Common Stock
(1)	Answer	Answer
Bal	Answer	Answer

Interest Expense
(15)	Answer	Answer
Bal	Answer	Answer

Service Revenue
(8)	Answer	Answer
Bal	Answer	Answer

Rent Expense
(6)	Answer	Answer
Bal	Answer	Answer

Wage Expense
(12)	Answer	Answer
Bal	Answer	Answer

Truck Expense
(7)	Answer	Answer
Bal	Answer	Answer

Advertising Expense
(11)	Answer	Answer
Bal	Answer	Answer

Utilities Expense
(10)	Answer	Answer
Bal	Answer	Answer

Supplies
(4)	Answer	Answer
Bal	Answer	Answer

Dividends
(14)	Answer	Answer
Bal	Answer	Answer

Equipment
(2)	Answer	Answer
(3)	Answer	Answer
Bal	Answer	Answer

b. Prepare a trial balance as of May 31.

WALSH & COMPANY, ELECTRICAL CONTRACTOR Trial Balance May 31
	Debit	Credit
Cash	$Answer	$Answer
Accounts Receivable	Answer	Answer
Supplies	Answer	Answer
Equipment	Answer	Answer
Truck	Answer	Answer
Accounts Payable	Answer	Answer
Notes Payable	Answer	Answer
Common Stock	Answer	Answer
Dividends	Answer	Answer
Service Revenue	Answer	Answer
Rent Expense	Answer	Answer
Utilities Expense	Answer	Answer
Truck Expense	Answer	Answer
Advertising Expense	Answer	Answer
Interest Expense	Answer	Answer
Wages Expense	Answer	Answer
Totals	$Answer	$Answer

Expert Solution

a.

General Journal
Date	Description	Debit	Credit
1	Cash	50800
	Common stock		50800
2	Equipment	5000
	Accounts payable		5000
3	Accounts payable	1000
	Equipment		1000
4	Supplies	1660
	Accounts payable		1660
5	Truck	11300
	Cash		6300
	Notes payable		5000
6	Rent expense	2475
	Cash		2475
7	Truck expense	1660
	Cash		1660
8	Accounts receivable	15300
	Service revenue		15300
9	Accounts payable	4000
	Cash		4000
10	Utilities expense	1810
	Cash		1810
11	Advertising expense	1880
	Accounts payable		1880
12	Wages expense	4950
	Cash		4950
13	Cash	10200
	Accounts receivable		10200
14	Dividends	2300
	Cash		2300
15	Interest expense	160
	Cash		160

Note: Kindly check transaction dated May 9 which should be $4000 and not $4600 as mentioned.

Cash
1	50800
5		6300
6		2475
7		1660
9		4000
10		1810
12		4950
13	10200
14		2300
15		160
Bal	37345
Accounts Receivable
8	15300
13		10200
Bal	5100
Truck
5	11300
Bal	11300
Notes Payable
5		5000
Bal		5000
Accounts Payable
2		5000
3	1000
4		1660
9	4000
11		1880
Bal		3540
Common Stock
1		50800
Bal		50800
Interest Expense
15	160
Bal	160
Service Revenue
8		15300
Bal		15300
Rent Expense
6	2475
Bal	2475
Wage Expense
12	4950
Bal	4950
Truck Expense
7	1660
Bal	1660
Advertising Expense
11	1880
Bal	1880
Utilities Expense
10	1810
Bal	1810
Supplies
4	1660
Bal	1660
Dividends
14	2300
Bal	2300
Equipment
2	5000
3		1000
Bal	4000

b.

WALSH & COMPANY, ELECTRICAL CONTRACTOR
Trial Balance
May 31
	Debit	Credit
Cash	37345
Accounts receivable	5100
Supplies	1660
Equipment	4000
Truck	11300
Accounts payable		3540
Notes payable		5000
Common stock		50800
Dividends	2300
Service revenue		15300
Rent expense	2475
Utilities expense	1810
Truck expense	1660
Advertising expense	1880
Interest expense	160
Wages expense	4950
Totals $	74640	74640

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