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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 Ma.
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

Prepare an income statement for May

Solutions

Expert Solution

we will first journalize

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

only entry that will affect income statement are May 07, May 08 , May 15 , May 15,May 27, May 31, May 31

income statement for May

Working
service revenue 3900$ 1800+700+1400]
Less: expenses
Salaries 3600$ 1800+1800
utility expense 360$
Insurance 100$
Total expenses 4060
Ne income(Loss) (160) [3900-4060]

ekkarill92 answered 2 years ago
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