May 1 company XYZ receives office supplies, inventory, and cash for $2,000, $1,500, $5,000 May 2, company pays store rent of $2,000 for 1 year of use) May 3, company pays for last month's electricity and water costs of $3,700) May 4, company sells 5 bicycles to PT Zendaya @ $1,000, 4 cars @ $10,000 and 5 cellphones @ 8,000 with terms of payment 2/10, n/30) May 5 the company purchases a printer for $2,500) May 6 the company purchases a helicopter for $12,000 with an advance ($5,000) May 8, company pays $1,500 in bank loan installments) May 12 received payment from PT Zendaya) May 12 purchased machine for $3,400 and has a useful life of 10 years with accumulated depreciation of $200/year May 13 received value-added tax May 15 company sells 5 laptops @ $5,000 and 5 wardrobes @ $3,000 May 16 pays warehouse maintenance $3,000 May 17 receives interest on deposit of $5,000 May 17 company buys 10 units of air conditioner @ $5,000 on terms of payment 3/10, n/30 May 19 company receives return of 2 laptops May 21 company pays for vehicle servicing of $1,500 May 22 company pays for purchase on May 17 May 23 pays employee salaries of $10,000 May 26, company sells 4 units of cookware @ $2,000 May 26 takes $5,000 for owner's benefit May 27 Adjusts for utility expense, rent expense and interest expense Required: Prepare accounting equation and a general journal
May 1 company XYZ receives office supplies, inventory, and cash for $2,000, $1,500, $5,000 May 2, company pays store rent of $2,000 for 1 year of use) May 3, company pays for last month's electricity and water costs of $3,700) May 4, company sells 5 bicycles to PT Zendaya @ $1,000, 4 cars @ $10,000 and 5 cellphones @ 8,000 with terms of payment 2/10, n/30) May 5 the company purchases a printer for $2,500) May 6 the company purchases a helicopter for $12,000 with an advance ($5,000) May 8, company pays $1,500 in bank loan installments) May 12 received payment from PT Zendaya) May 12 purchased machine for $3,400 and has a useful life of 10 years with accumulated depreciation of $200/year May 13 received value-added tax May 15 company sells 5 laptops @ $5,000 and 5 wardrobes @ $3,000 May 16 pays warehouse maintenance $3,000 May 17 receives interest on deposit of $5,000 May 17 company buys 10 units of air conditioner @ $5,000 on terms of payment 3/10, n/30 May 19 company receives return of 2 laptops May 21 company pays for vehicle servicing of $1,500 May 22 company pays for purchase on May 17 May 23 pays employee salaries of $10,000 May 26, company sells 4 units of cookware @ $2,000 May 26 takes $5,000 for owner's benefit May 27 Adjusts for utility expense, rent expense and interest expense Required: Prepare accounting equation and a general journal
Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter3: Processing Accounting Information
Section: Chapter Questions
Problem 3.12MCE: Determining an Ending Account Balance Jessies Accounting Services was organized on June 1. The...
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Transcribed Image Text:May 1 company XYZ receives office supplies, inventory, and cash for $2,000, $1,500, $5,000
May 2, company pays store rent of $2,000 for 1 year of use)
May 3, company pays for last month's electricity and water costs of $3,700)
May 4, company sells 5 bicycles to PT Zendaya @ $1,000, 4 cars @ $10,000 and 5
cellphones @ 8,000 with terms of payment 2/10, n/30)
May 5 the company purchases a printer for $2,500)
May 6 the company purchases a helicopter for $12,000 with
advance ($5,000)
May 8, company pays $1,500 in bank loan installments)
May 12 received payment from PT Zendaya)
May 12 purchased machine for $3,400 and has a useful life of 10 years with accumulated
depreciation of $200/year
May 13 received value-added tax
May 15 company sells 5 laptops @ $5,000 and 5 wardrobes @ $3,000
May 16 pays warehouse maintenance $3,000
May 17 receives interest on deposit of $5,000
May 17 company buys 10 units of air conditioner @ $5,000 on terms of payment 3/10, n/30
May 19 company receives return of 2 laptops
May 21 company pays for vehicle servicing of $1,500
May 22 company pays for purchase on May 17 May
23 pays employee salaries of $10,000
May 26, company sells 4 units of cookware @ $2,000
May 26 takes $5,000 for owner's benefit
May 27 Adjusts for utility expense, rent expense and interest expense
Required:
Prepare accounting equation and a general journal
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