Reference no: EM132326158
Question :
Following are the May transactions for Hero Company:
May 1 Stockholders Invested $20,000 cash in exchange for common stock.
2 Paid $1,800 cash for a one-year insurance policy.
3 Purchased $1,500 of supplies on account from Vincent Supplies. 7 Paid office rent of $900 cash for the month.
9 Purchased $12,000 equipment; paid $2,000 cash and signed a promissory note payable for the balance.
11 Performed $2,800 of services and billed the client.
12 Received a $3,500 cash advance on a management consulting engagement to be performed in Junc.
17 Performed $1,200 of services and received cash.
24 Received $650 cash on account from previously billed customers. 29 Declared and paid $2,400 cash dividends to stockholders.
31 Paid employees' $2,000 salaries for the month.
31 Made a $600 cash payment on accounts payable.
Instructions
(a) Journalize the transactions in the attached journal.
(b) Post to the ledger accounts in the attached general ledger
(c) Prepare a trial balance on May 31, 2017 on the attached sheet.