The following activity occurred during may 2016 for

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Financial and Managerial Accounting Using Excel for Success
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Chapter 8 / Exercise PR 8–6B
Financial and Managerial Accounting Using Excel for Success
Reeve/Warren
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The following activity occurred during May 2016 for ABC Inc.:DateDescriptionMay 1Owner invested $145,000 in cash in exchange for 1,000 shares of $1 par common stock.May 4Company sold $5,000 worth of goods. Customer paid half cash and half on account. The merchandise sold had a cost to the company of $3,500.May 6Accepted $500 of advance payments from customers for services to be provided next month.May 27Received a utility bill for $450. Payment is due in 30 days. The company decides to wait exactly 30 days to pay. May 29Mr. Jones paid in full the outstanding debt he had with the company. May 31The company declares a stock split.
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Financial and Managerial Accounting Using Excel for Success
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Chapter 8 / Exercise PR 8–6B
Financial and Managerial Accounting Using Excel for Success
Reeve/Warren
Expert Verified
Using the information above, what journal entry would be required to record the transaction of May 4?
The following activity occurred during May 2016 for ABC Inc.:DateDescriptionMay 1Owner invested $145,000 in cash in exchange for 1,000 shares of $1 par common stock.May 4Company sold $5,000 worth of goods. Customer paid half cash and half on account. The merchandise sold had a cost to the company of $3,500.May 6Accepted $500 of advance payments from customers for services to be provided next month.May 27Received a utility bill for $450. Payment is due in 30 days. The company decides to wait exactly 30 days to pay. May Mr. Jones paid in full the outstanding debt he had with the company.
DateDescription29May 31The company declares a stock split. Using the information above, what journal entry would be required to record the transaction of May 27?
The following activity occurred during May 2016 for ABC Inc.:DateDescriptionMay 1Owner invested $145,000 in cash in exchange for 1,000 shares of $1 par common stock.May 4Company sold $5,000 worth of goods. Customer paid half cash and half on account. The merchandise sold had a cost to the company of $3,500.May 6Accepted $500 of advance payments from customers for services to be provided next month.May 27Received a utility bill for $450. Payment is due in 30 days. The company decides to wait exactly 30 days to pay. May 29Mr. Jones paid in full the outstanding debt he had with the company. May 31The company declares a stock split. Using the information above, what journal entry would be required to record the transaction of May 31?

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