Reference no: EM132621841

Question - Prepare journal entries

May 1 Invested $78,000 in cash and office equipment that had a fair value of $ 1, 000 in the business

May 1 Prepaid $15.300 cash for three monthsrent for an office.

May 2 Made credit purchases of office equipment for $25.500 and office supplies for $5.100.

May 6 Completed a report on hiring solutions for a client and collected $8.300 cash.

May 9 Completed a $16,300 project implementing a training program for a client, who will pay within days.

May 10 Paid half of the account payable created on May 2.

May 19 Paid 7,800 cash for the annual premium on an insurance policy.

May 22 Received $13.100 as partial payment for the work completed on May 9.

May 25 Developed a performance review process for another client for $5,580 on credit.

May 25 Paid wages for May totalling $35,500.

May 31 Withdrew $5.300 cash from the business to take a trip to Paris in June.

May 31 Purchased $1,750 of additional office supplies on credit.

May 31 Paid $1,430 for the month's utility bill.