Reference no: EM132730581
Question - Oneschuk Contractors Corporation had the following transactions during its first month of operation ended May 31, 2019:
May 1 Issued common stock for $5,000 cash.
May 1 Paid $1,500 rent in advance for three months: May, June, and July (recorded as prepaid rent).
May 2 Purchased $1,000 of supplies on credit (record the asset as unused supplies).
May 3 Billed a customer $1,500 for repairs performed.
May 4 Paid $50 for an advertisement in The Daily Bugle.
May 5 Received $250 cash for work completed today.
May 10 Collected the amount billed on May 3.
May 15 Paid $500 cash to a creditor.
May 18 Borrowed $2,000 cash from the bank.
May 20 Signed a major contract for work to be done in June.
May 22 Purchased for cash $3,000 of equipment.
May 25 Billed customers $3,500 for work completed to date.
May 27 Paid the following expenses: electricity, $75; telephone, $25; and wages, $2,000.
May 31 Transferred the amount of May's rent ($500) from prepaid rent to rent expense.
May 31 Counted $200 of supplies still on hand: the rest had been used during May.
Required -
1. Prepare journal entries to record the May transactions using only the account titles found on the "T" accounts.
2. Post the journal entries to the T-accounts. Total each account and determine the balance.
3. Prepare trial balance at May 31, 2019, in account number order.
4. Prepare the income statement and statement of owners' equity for the month of May.
5. Prepare the balance sheet at May 31.
|
Cross-cultural communication issues
: What are some example of multinational firms that expanded into China or Mexico and dealt with cross-cultural communication issues?
|
|
Which accounts not appear in post-closing trial balance
: Which of the following accounts would not appear in the post-closing trial balance? Interest Payable, Equipment, Depreciation Expense
|
|
What is your evaluation of organizational culture
: What is your evaluation of the organizational culture and organizational climate at the time the decision to close two campuses was made?
|
|
Who are british petroleum stakeholders
: "Who are British Petroleum's stakeholders? How might each view British Petroleum environmental practices?"
|
|
Prepare journal entries to record the May transactions
: Prepare journal entries to record the May transactions using only the account titles found on the "T" accounts. Post the journal entries to the T-accounts
|
|
What role does the environment play in behavior
: After reading the followingcase study, what role does the environment (e.g., friends, family, careers, education, socioeconomic status, etc.) play in behavior?
|
|
Nominate the type of auditor opinion
: Fire broke out a month before the financial year-end date. Nominate type of auditor's opinion that would be appropriate in this situation. Explain your answer.
|
|
How is data used to predict interventions that may be needed
: In your response, consider how data and analytics are being used to improve the criminal justice system. In addition, how is data used to predict interventions.
|
|
Evidence-based decision processes
: Evidence-based decision processes were introduced in the last unit, expanding the familiar four-element EBMgt framework
|