Prepare trail balance ,prepare income statement

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Reference no: EM1359908

Prepare trail balance, income statement, owners' equity statement and balance sheet.

Journalize May transactions.
post entries to general ledger
Prepare trail balance.
Prepare 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.
May 30	K. Minor, H. Rath's administrative assistant, was paid $1,800 cash for her salary.

Reference no: EM1359908

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