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Pass journal entries for the may smith

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Reference no: EM132772557

Problem 1: Pass journal entries for the following

May Smith has started a new business in March 2019. The following information is available about the entity's business transactions in the month of March.

  • March 1 May Smith withdrew $500,000 from her personal savings and deposited into the business bank account, and also borrowed $200,000 from a bank to start her new business.
  • MARCH 2 Purchased equipment $15,000 and supplies $4,000 in cash.
  • MARCH 4 Paid rent for the next 6 months $8,000.
  • MARCH 8 Hired one employee and signed a contract with the employee that agrees to pay the employee an annual salary of $55,000.
  • MARCH 20 May Smith withdrew $1,000 for personal use.

Reference no: EM132772557

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