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Prepare journal entries in the General Journal

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Reference no: EM132818268

Question - Alma's Payroll Services Company entered into the following transactions during May 2017.

1. Purchased computers for $15,000 from Bytes of Data on account.

2. Paid $3,000 cash for May rent on storage Space.

3. Received $12,000 cash from customers for contracts billed in April.

4. Performed payroll services for Magic Construction Company for $2,500 cash.

5. Paid Northern Ohio Power Co. $7,000 cash for energy usage in May.

6. Alma invested an additional $25,000 in the business.

7. Paid Bytes of Data for the computers purchased in (1) above.

8. Incurred advertising expense for May of $900 on account.

Required - Prepare journal entries in the General Journal and post the entries to the General Ledger.

Reference no: EM132818268

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