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workSavedHelpSave & ExitSubmitCheck my work1 G. Gram invested $44,500 cash in the company.May1 The company rented a furnished office and paid $2,200 cash for May'srent.3 The company purchased $5,110 of office equipment on credit.5 The company paid $760 cash for this month's cleaning services.8 The company provided consulting services for a client andimmediately collected $6,000 cash.12 The company provided $2,900 of consulting services for a client oncredit.15 The company paid $730 cash for an assistant's salary for the firsthalf of this month.20 The company received $2,900 cash payment for the services providedon May 12.22 The company provided $3,200 of consulting services on credit.25 The company received $3,200 cash payment for the services providedon May 22.26 The company paid $5,1110 cash for the office equipment purchased onMay 3.27 The company purchased $80 of advertising in this month's (May) localpaper on credit; cash payment is due June 1.28 The company paid $730 cash for an assistant's salary for the secondhalf ofthis month.30 The company paid $40e cash for this month's telephone bill.30 The company paid $270 cash for this month's utilities.31 GncesGram withdrew $1,900 cash from the company for personal use.SNextPrev2of 210:22 AMeType here to search94/2019

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Here's the chart for the balance sheet

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1 G. Gram invested $44,500 cash in the company.
May
1 The company rented a furnished office and paid $2,200 cash for May's
rent.
3 The company purchased $5,110 of office equipment on credit.
5 The company paid $760 cash for this month's cleaning services.
8 The company provided consulting services for a client and
immediately collected $6,000 cash.
12 The company provided $2,900 of consulting services for a client on
credit.
15 The company paid $730 cash for an assistant's salary for the first
half of this month.
20 The company received $2,900 cash payment for the services provided
on May 12.
22 The company provided $3,200 of consulting services on credit.
25 The company received $3,200 cash payment for the services provided
on May 22.
26 The company paid $5,1110 cash for the office equipment purchased on
May 3.
27 The company purchased $80 of advertising in this month's (May) local
paper on credit; cash payment is due June 1.
28 The company paid $730 cash for an assistant's salary for the second
half ofthis month.
30 The company paid $40e cash for this month's telephone bill.
30 The company paid $270 cash for this month's utilities.
31 G
nces
Gram withdrew $1,900 cash from the company for personal use.
S
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work Saved Help Save & Exit Submit Check my work 1 G. Gram invested $44,500 cash in the company. May 1 The company rented a furnished office and paid $2,200 cash for May's rent. 3 The company purchased $5,110 of office equipment on credit. 5 The company paid $760 cash for this month's cleaning services. 8 The company provided consulting services for a client and immediately collected $6,000 cash. 12 The company provided $2,900 of consulting services for a client on credit. 15 The company paid $730 cash for an assistant's salary for the first half of this month. 20 The company received $2,900 cash payment for the services provided on May 12. 22 The company provided $3,200 of consulting services on credit. 25 The company received $3,200 cash payment for the services provided on May 22. 26 The company paid $5,1110 cash for the office equipment purchased on May 3. 27 The company purchased $80 of advertising in this month's (May) local paper on credit; cash payment is due June 1. 28 The company paid $730 cash for an assistant's salary for the second half ofthis month. 30 The company paid $40e cash for this month's telephone bill. 30 The company paid $270 cash for this month's utilities. 31 G nces Gram withdrew $1,900 cash from the company for personal use. S Next Prev 2 of 2 10:22 AM e Type here to search 94/2019

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check_circleAnswer
Step 1

Step 1:

Prepare T-account for cash:

 

Cash Account
Amount in S
Amount in S Date
Date
Particulars
Particulars
May-01 Capital Acount
May-08 Consulting revenue
May-12 Accounts receivable
May-22 Accounts receivable
44,500 May-01 Rent expense
6,000 May-05 Cleaning service
2,900 May-15 Salary expense
3,200 May-26 Accounts payable
May-28 Salary expense
May-30 Telephone expense
May-30 Utilities expense
May-31 Drawings
May-31 Closing balance
2,200
760
730
5,110
730
40
270
1,900
44.860
56,600
56,600
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Cash Account Amount in S Amount in S Date Date Particulars Particulars May-01 Capital Acount May-08 Consulting revenue May-12 Accounts receivable May-22 Accounts receivable 44,500 May-01 Rent expense 6,000 May-05 Cleaning service 2,900 May-15 Salary expense 3,200 May-26 Accounts payable May-28 Salary expense May-30 Telephone expense May-30 Utilities expense May-31 Drawings May-31 Closing balance 2,200 760 730 5,110 730 40 270 1,900 44.860 56,600 56,600

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Step 2

Step 2:

Prepare trial balance.

 

Trial Balance
Debit
Credit
Particulars
Amount in $Amount in $
Cash
Accounts receivable
Office equipment
|Accounts payable
Capital
Drawing
Consulting revenue
Rent expense
Cleaning service
Salary expense
Advertising expense
Telephone expense
Utilities expense
Total
44,860
0
5,110
80
44,500
1,900
12,100
2,200
760
1,460
80
40
270
56,680
56,680
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Trial Balance Debit Credit Particulars Amount in $Amount in $ Cash Accounts receivable Office equipment |Accounts payable Capital Drawing Consulting revenue Rent expense Cleaning service Salary expense Advertising expense Telephone expense Utilities expense Total 44,860 0 5,110 80 44,500 1,900 12,100 2,200 760 1,460 80 40 270 56,680 56,680

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Step 3

Step 3:

Prepare income...

Income statement
Amount inAmount in
Particulars
S
Consulting revemue
Less:
Rent expense
Cleaning service
salaries expense
Advertising expense
Telephone expense
Utilities expense
Net Income
12,100
2,200
760
1,460
80
40
270
4.810
7.290
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Income statement Amount inAmount in Particulars S Consulting revemue Less: Rent expense Cleaning service salaries expense Advertising expense Telephone expense Utilities expense Net Income 12,100 2,200 760 1,460 80 40 270 4.810 7.290

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