Reference no: EM132654458
May 3 Issued 25,000 shares of capital stock for $50,000.
Problem 1: Analyze the transactions and record these entries in the general journal.
Problem 2: Post the entries from the journal to the following T accounts in the ledger: Cash; Accounts Receivable; Office Supplies; Office Equipment; Accounts Payable; Capital Stock; Consulting Revenue; Prepaid Rent; Utilities Expense.
Problem 3: Prepare a Unadjusted Trial Balance as of May 31.
May 10 Paid $400 office rent for two months in advance.
May 11 Purchased office supplies for $1,200. The payment is not due until June.
May 13 Purchased office equipment totaling $15,000. Thomas pays $10,500 in cash and agrees to pay the rest in 30 days.
May 23 Performed consulting services and billed clients $2,000. The entire revenue amount will not be received until June.
May 29 Made a partial payment of $1,000 for the amount owed for the office equipment received on May 23
May 31 Paid a utility bill for $140.