may 1, 2017 A) Journalize the transactions. B) Post to the ledger accounts. C) P
ID: 2340764 • Letter: M
Question
may 1, 2017
A) Journalize the transactions.
B) Post to the ledger accounts.
C) Prepare a trial balance on May 31, 2017.
Lena Fohn is a licensed accountant. During the first month of operations of her business, Oriole Company, the following events and transactions occurred. May 1 Shareholders invested 22,881 cash in exchange for ordinary shares 2 Hired a secretary-receptionist at a salary of 3,933 per month 3 Purchased 2,600 of supplies on account from Hartig Supply Company. 7 Paid office rent of 835 cash for the month 11 Completed a tax assignment and billed client 2,077 for services provided 12 Received 3,103 advance on a management consulting engagement. 17 Received cash of 1,299 for services performed for Lucille Co. 31 Paid secretary-receptionist 3,933 salary for the month 31 Paid 50% of balance due Hartig Supply CompanyExplanation / Answer
(A) Journal Entries :-
Date
General Journal
Debit
Credit
May 1
Cash
22881
Common Stock
22881
May 2
No Entry
May 3
Supplies
2600
Hartig Supply Company
2600
May 7
Office Rent Exp
835
Cash
835
May 11
Account Receivable
2077
Service Revenue
2077
May 12
Cash
3103
Unearned Revenue
3103
May 17
Cash
1299
Service Revenue
1299
May 31
Salary
3933
Cash
3933
May 31
Hartig Supply Company
1300
Cash
1300
(B) Ledger :-
Cash :-
May 1
22881
May 7
835
May 12
3103
May 31
3933
May 17
1299
May 31
1300
End. Bal.
21215
Common Stock :-
May 1
22881
End. Bal.
22881
Supplies :-
May 3
2600
End. Bal.
2600
Hartig Supply Company :-
May 31
1300
May 3
2600
End. Bal.
1300
Office Rent Exp :-
May 7
835
End. Bal.
835
Account receivable :-
May 11
2077
End. Bal.
2077
Service revenue :-
May 11
2077
May 17
1299
End. Bal.
3376
Unearned Revenue :-
May 12
3103
End. Bal.
3103
Salary :-
May 31
3933
End. Bal.
3933
(3) Trial balance 31 May, 2017 :-
S.No.
Particulars
Debit
Credit
1
Cash
21215
2
Common Stock
22881
3
Supplies
2600
4
Hartig Supply Company
1300
5
Office Rent Exp
835
6
A/c Receivable
2077
7
Service Revenue
3376
8
Unearned revenue
3103
9
Salary
3933
Total
30660
30660
Date
General Journal
Debit
Credit
May 1
Cash
22881
Common Stock
22881
May 2
No Entry
May 3
Supplies
2600
Hartig Supply Company
2600
May 7
Office Rent Exp
835
Cash
835
May 11
Account Receivable
2077
Service Revenue
2077
May 12
Cash
3103
Unearned Revenue
3103
May 17
Cash
1299
Service Revenue
1299
May 31
Salary
3933
Cash
3933
May 31
Hartig Supply Company
1300
Cash
1300
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