Reference no: EM132996228
ABC Company entered into the following transactions during May, its first month of operations:
May 1: ABC Company sold common stock to owners in the amount of $200,000.
May 1: ABC Company paid $36,000 cash for office rent for May, June, and July.
May 3: ABC Company purchased a parcel of land costing $60,000 by paying $25,000 in cash and agreeing to pay the remainder within sixty days.
May 9: ABC Company provided $32,000 of services to a customer. The customer didn't pay any cash on May 9, but agreed to pay the balance due by the end of the month.
May 15: ABC Company received and paid utility bills in the amount of $14,000.
May 18: ABC Company sold the land purchased on May 3 for $49,000 cash.
May 21: A customer paid $20,000 cash to ABC Company for services to be provided in June and July.
May 27: The customer from May 9 paid the amount owed to ABC Company.
May 31: ABC Company received a $9,000 bill for advertising done during May. No payment was made at this time.
Problem 1: The journal entry made by ABC Company to record the May 15 transaction would be:
a. Cash ..................................... 14,000
Utilities expense .................... 14,000
b. Utilities payable ................. 14,000
Cash ......................................... 14,000
c. Cash ..................................... 14,000
Utilities payable ..................... 14,000
d. Utilities expense ................ 14,000
Utilities payable ..................... 14,000
e. Utilities expense ................ 14,000
Cash ......................................... 14,000
f. Utilities payable ................. 14,000
Utilities expense .................... 14,000
g. no journal entry would be recorded on May 15
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