Reference no: EM132928206
Question - Company ABC is a consulting firm. The following transactions occurred during the month of May.
May 1 Owner invested $9,000 cash in the business.
May 2 Paid $850 for o?ce rent for the month.
May 3 Purchased $750 of supplies on account.
May 5 Paid $125 to advertise in the City newspaper
May 9 Received $4,500 cash for services performed.
May 12 Withdrew $800 cash for personal use.
May 15 Performed $8,400 of services on account.
May 17 Paid $2,500 for employee salaries.
May 20 Made a partial payment of $600 for the supplies purchased on account on May 3.
May 23 Received a cash payment of $4,000 for services performed on account on May 15.
May 26 Borrowed $5,000 from the bank on a note payable. Interest is 5% payable each month.
May 29 Purchased equipment for $4,200 on account.
May 30 Paid $275 for utilities
Required -
a. Make general journal entries for the above.
b. Make a trial balance.
c. Calculate the net income of the company?
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