Reference no: EM131559401
May Transactions -
May 1 - Invested $340000.00 into the business, depositing it into the bank account. Record this transaction in the Cash Receipts journal as Receipt #1001. All entries in the Cash Receipts journal will have a cash receipt number.
May 1 - Wrote check #2001 for the first month's rent, $850.00. Record this transaction in the Cash Disbursements journal. All transactions in the Cash Disbursements journal will have a check number.
May 1 - Withdrew $77.50 out of the bank with check #2002 to start a petty cash drawer. A check number gives you a clue to which journal to use.
May 1 - Started a charge account with Young's Office Furniture Co. Bought desks, tables, chairs and filing cabinets for a total of $4212.15. Paid a down payment of $915.00 with check #2003, the remainder is due in 30 days. Update the Accounts Payable (A/P) schedule with this information.
May 1 - Started a charge account with Miller's Office Supply. Bought supplies totaling $723.10 on account. Record this entry in the purchases journal. Update the A/P schedule.
May 1 - Received your initial shipment of parts from the manufacturer. You expect to be billed for the $12863.29 at the end of the month.
May 1 - The Flex On Mobile tanker truck just left after filling your bulk oil tank. The $1000.00 charge is payable on account.
May 2 - Purchased a basic PC from Miller's Office Supply for $892.22, on account. Record to "Office Equipment & Signs - Cost". Record this entry in the purchases journal and update the A/P schedule.
May 2 - Wrote check #2004, totaling $2304.52, to Mutual Insurance Company for the next three months of building insurance.
May 2 - Received a shipment of three cars:
Stock #8001 VIN #: 1G1FP87H1KR102556
Floorplan $28594.54
Holdback $1138.00
Inventory Value $27456.54
Stock #8002 VIN #: 1G1AB35E2KY104572
Floorplan $30960.46
Holdback $1175.00
Inventory Value $29785.46
Stock #8003 VIN #: 1G1AB27C4KN213904
Floorplan $20301.82
Holdback $537.64
Inventory Value $19764.18
Record these vehicle purchases in the purchases journal.
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