Reference no: EM133179453
Question - Luciano opened CIAO Company, a new business that began operations on May 1.
May 1 Luciano invested $100,000 in cash and equipment with a fair market value of $85,000 in the company.
May 1 The company rented a furnished office and paid $5,000 cash for May's rent.
May 3 The company purchased $95,000 of Land on credit.
May 5 The company paid $850 cash for this month's cleaning services.
May 8 The company provided consulting services for a client and immediately collected $15,900 cash.
May 12 The company provided $22,700 of consulting services for a client on credit.
May 15 The company paid $780 cash for an assistant's salary for the first half of this month.
May 20 The company received a $12,700 cash payment for the services provided on May 12.
May 22 The company provided $33,100 of consulting services on credit.
May 25 The company received a $10,100 cash payment for the services provided on May 22.
May 26 The company paid for the Land purchased on May 3.
May 27 The company purchased $1,900 of equipment cash.
May 28 The company paid $1,500 cash for an assistant's salary for the second half of this month.
May 30 The company paid $500 cash for this month's telephone bill.
May 30 The company paid $400 cash for this month's utilities.
May 31 Luciano withdrew $3,000 cash from the company for personal use.
Required - Prepare the necessary journal entries for the month of May?