Prepare trail balance ,prepare income statement
Course:- Accounting Basics
Reference No.:- EM1359908

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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.

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