Reference no: EM132572344
Destiny Cloud is a licensed Monitor. During the first month of operations of her business, the following events and transactions occurred. May
1 Cloud invested $20,000 cash in her business.
2 Hired a staff at a salary of $2,000 per month.
3 Purchased $2,500 of supplies on account from Monika Cloud Company.
7 Paid salaries of $900 cash for the month.
11 Completed a tax assignment and billed client $3,200 for services provided.
12 Received $3,500 advance on a management consulting engagement.
15 Purchased additional office equipment for $3,500, paying $1,500 in cash and the balance on account.
17 Received cash of $1,200 for services completed for W.Deslor Co.
19 Withdrew $1,500 cash for personal use.
25 Earned revenue of $8,000, of which $5,500 is received in cash and the balance is due in August.
30 Paid secretary-receptionist $2,000 salary for the month.
31 Paid 50% of balance due Monica Cloud Company.
Instructions
Question (a) Journalize the transactions.
Question (b) Post to the ledger accounts. (Cash, A/P, A/R, Capital, Withdraw)
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