Question

Post all the journal entries to the appropriate t-accounts. Compute the balance as of May 31 for each T-account

Stacy's Company, owned by F. Stacy, started operations in August and completed the following transactions during the first month of operations.

August 1 F. Stacy invested $75,000 cash in the company

August 2The company purchased $45,000 in office equipment. It paid $15,000 in cash and signed a note payable promising to pay the $10,000 over the next three years

August 2 The company rented office space and paid $8,000 for the August rent

August 6 The company installed a new roof for a customer and immediately collected $9,000

August 7 The company paid a supplier $7,000 for roofing materials used on the August 6th job

August 8 The company purchased a $9,500 copy machine for office use on credit August 9 The company completed work for additional customers on credit in the amount of $26,000

August15 The company paid it's employees' salaries $2,700 for the first half of the month

August17 The company installed a new roof for a customer and immediately collected $3,900

August 20 The company received $10,000 in payments from the customers billed on August 9th

August 28 The company paid $1,500 on the copy machine purchased on August 8th. It will pay the remaining balance in September

August 31 The company paid it's employees' salaries $2,700 for the second half of the month

August 31 The company paid a supplier $5,300 for roofing materials used on the remaining jobs completed during August

August 31 The company paid $850 for this month's utility bill

Answer 1