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Prepare trail balance, income statement, owners' equity statement and balance sheet.
Entry No. Entry Information
May 1
Owner H. Hadi invested $40,000 in the business.
May 4
Equipment was purchased at a cost of $7,000; a three-month, 10% note payable was signed for this amount.
May 5
Paid a supplier $1,500 cash on account.
May 8
Paid $1,800 in cash to Palmero Company for May rent.
May 10
Purchased supplies for $2,500 cash. The supplies are expected to last through July.
May 14
Paid $300 cash to the Daily News for advertisements run this past week.
May 16
Billed customers $8,000 for services rendered.
May 19
Received $5,000 from customers for services rendered during the week.
May 25
Additional supplies were purchased on account at a cost of $800 from Superior Supplies Company. These supplies will be used during June.
May 26
Received $11,000 from customers for services to be rendered early in June.
May 27
Paid the Weekly News $300 for an advertisement that will run the first week in June.
May 28
Received $4,000 on account.
May 30
Owner H. Hadi withdrew $500 for personal use.
K. Minor, H. Rath's administrative assistant, was paid $1,800 cash for her salary.
Discuss whether Loewen Group expansion from funeral homes to cemeteries affected its horizontal or vertical boundaries or both.
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Explain in detail a post-closing trial balance, how it relates to the practice of accounting and its uses in business?
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A company previously issued $2,000,000, 10% bonds, receiving a $120,000 premium. On the current year's interest date, after the bond interest was paid and after 40% of the total premium had been amortized, the company purchased the entire bond iss..
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