Reference no: EM131266307
PRINCIPLES OF ACCOUNTING PROBLEMS
Maquoketa Services was formed on May 1, 2017. The following transactions took place during the first month.
Transactions on May 1:
1. Jay BradFord invested $40,000 cash in the company, as its sole owner.
2. Hired two employees to work in the warehouse. They will each be paid a salary of $2,500 per month.
3. Signed a 2year rental agreement on a warehouse; paid $24,000 cash in advance for the first year.
4. Purchased furniture and equipment costing $33,000. A cash payment of $12,000 was made immediately; the remainder will be paid in 6 months.
5. Paid $1,600 cash for a oneyear insurance policy on the furniture and equipment.
Transactions during the remainder of the month:
6. Purchased basic office supplies for $600 cash.
7. Purchased more office supplies for $1,600 on account.
8. Total revenues earned were $21,000-$8,000 cash and $13,000 on account.
9. Paid $400 to suppliers for accounts payable due.
10. Received $2,800 from customers in payment of accounts receivable.
11. Received utility bills in the amount of $400, to be paid next month.
12. Paid the monthly salaries of the two employees, totaling $5,000.
Required -
1. Prepare journal entries to record each of the events listed.
2. Post the journal entries to Taccounts.
3. Prepare a trial balance as of May 31, 2017.
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Prepare journal entries to record each of the events listed
: 16FLAC16144: 16FLAC16144 PRINCIPLES OF ACCOUNTING PROBLEMS. Maquoketa Services was formed on May 1, 2017. The following transactions took place during the first month. Prepare journal entries to record each of the events listed
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