Reference no: EM132429361
Question - Santa Ana Services was formed on May 1, 2014. The following transactions took place during the first month.
Transactions on May 1:
1. Don Humes invested $44,000 cash in the company, as its sole owner.
2. Hired two employees to work in the warehouse. They will each be paid a salary of $3,355 per month.
3. Signed a 2-year rental agreement on a warehouse; paid $26,400 cash in advance for the first year.
4. Purchased furniture and equipment costing $33,000. A cash payment of $10,000 was made immediately; the remainder will be paid in 6 months.
5. Paid $1,980 cash for a one-year insurance policy on the furniture and equipment.
6. Purchased basic office supplies for $550 cash.
7. Purchased more office supplies for $1,650 on account.
8. Total revenues earned were $22,000-$8,000 cash and $14,000 on account.
9. Paid $440 to suppliers for accounts payable due.
10. Received $3,300 from customers in payment of accounts receivable.
11. Received utility bills in the amount of $385, to be paid next month.
12. Paid the monthly salaries of the two employees, totaling $6,710.
Check figures - Trial balance Totals = $90,595
Instructions -
(a) Prepare journal entries to record each of the events listed. (Omit explanations.)
(b) Post the journal entries to T-accounts.
(c) Prepare an Unadjusted trial balance as of May 31, 2014.
(d) Determine amount of net income or loss for May.
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