(first month only). For requirement 1, just prepare the general journal entries,
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(first month only). For requirement 1, just prepare the general journal entries, no pretty lined journal pages or postings required. Omit requirement 2. Omit requirements 6-13. If you can do these steps, you are ready to go forward!
P3. Stoker's Repair Services, Inc., engaged in the following transactions during the month of May in 2014 0 Began business by issuing common stock for cash, $10,000 1 Paid the rent for the store for current month, $850 1 Paid the premium on a one-year insurance policy, $960 2 Purchased repair equipment from Latin Company, $8,400. Terms were May 0 ie 5 8 15 21 31 31 June 1. Purchased repair supplies from Tanaka Company on credit, $936 Paid cash for an advertisement in a local newspaper, $120 Received cash repair revenue for the first half of the month, $800. Paid Tanaka Company on account, $450 Received cash repair revenue for the last half of May, S1,950 Paid a dividend, $600Explanation / Answer
Journal entries for the month of May-2014 Date Account Titles Debit Credit May.1 Cash $10,000 Common stock $10,000 May.1 Rent Expense $850 Cash $850 May.1 Insurance Expense $80 Prepaid Insurance $880 Cash $960 May.2 Equipment $8,400 Cash $1,200 Latin Company $7,200 May.5 Repair Supplies $936 Tanaka Company $936 May.8 Advertisement $120 Cash $120 May.15 Cash $800 Service Revenue $800 May.21 Tanaka Company $450 Cash $450 May.31 Cash $1,950 Service Revenue $1,950 May.31 Dividend $600 Cash $600
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