Tomas owns an insurance office, while Lesley operates a maintenance service that provides basic custodial duties. For the month of May, the following transactions occurred. May 2 Lesley decides that she will need insurance for a one-day special event at the end of the month and pays Tomas $240 in advance. May 5 Lesley provides maintenance services to Tomas's insurance offices on account, $395. May 7 Tomas borrows $440 from Lesley by signing a note. May 14 Lesley purchases maintenance supplies from Tap Corporation, paying cash of $170. May 19 Tomas pays $395 to Lesley for maintenance services provided on May 5. May 25 Tomas pays the utility bill for the month of May, $129. May 28 Lesley receives insurance services from Tomas equaling the amount paid on May 2. Hay 31 Tomas pays $440 to Lesley for money borrowed on May 7. Required: Record each transaction for Tomas's insurance Services. Keep in mind that Tomas may not need to record all transactions: (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 3 Note: Enter debits before credits. Date May 02 Record entry 4 5 Lesley decides that she will need insurance for a one-day special event at the end of the month and pays Tomas $240 in advance. General Journal 6 Clear entry 7 8 Debit Credit View general journal
Tomas owns an insurance office, while Lesley operates a maintenance service that provides basic custodial duties. For the month of May, the following transactions occurred. May 2 Lesley decides that she will need insurance for a one-day special event at the end of the month and pays Tomas $240 in advance. May 5 Lesley provides maintenance services to Tomas's insurance offices on account, $395. May 7 Tomas borrows $440 from Lesley by signing a note. May 14 Lesley purchases maintenance supplies from Tap Corporation, paying cash of $170. May 19 Tomas pays $395 to Lesley for maintenance services provided on May 5. May 25 Tomas pays the utility bill for the month of May, $129. May 28 Lesley receives insurance services from Tomas equaling the amount paid on May 2. Hay 31 Tomas pays $440 to Lesley for money borrowed on May 7. Required: Record each transaction for Tomas's insurance Services. Keep in mind that Tomas may not need to record all transactions: (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 3 Note: Enter debits before credits. Date May 02 Record entry 4 5 Lesley decides that she will need insurance for a one-day special event at the end of the month and pays Tomas $240 in advance. General Journal 6 Clear entry 7 8 Debit Credit View general journal
Chapter6: Business Expenses
Section: Chapter Questions
Problem 32P
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Transcribed Image Text:Tomas owns an insurance office, while Lesley operates a maintenance service that provides basic custodial duties. For the month of
May, the following transactions occurred.
May 2
Lesley decides that she will need insurance for a one-day special event at the end of the month and pays Tomas $240 in
advance.
May 5 Lesley provides maintenance services to Tomas's insurance offices on account, $395.
May 7 Tomas borrows $440 from Lesley by signing a note.
May 14 Lesley purchases maintenance supplies from Tap Corporation, paying cash of $170.
May 19 Tomas pays $395 to Lesley for maintenance services provided on May 5.
May 25 Tomas pays the utility bill for the month of May, $129.
May 28 Lesley receives insurance services from Tomas equaling the amount paid on May 2.
May 31 Tomas pays $440 to Lesley for money borrowed on May 7.
Required:
Record each transaction for Tomas's insurance Services. Keep in mind that Tomas may not need to record all transactions. (If no entry
is required for a transaction/event, select "No Journal Entry Required" in the first account field.)
View transaction list
Journal entry worksheet
2
Date
May 02
3
Note: Enter debits before credits.
Record entry
4
5
Lesley decides that she will need insurance for a one-day special event at the
end of the month and pays Tomas $240 in advance.
General Journal
6
Clear entry
7
8
Debit
Credit
View general journal
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