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Pamper Me Salon Inc. s general ledger at April 30, 2017, showed Cash $5,000Supplies $500      

Equipment $24,000

Accounts Payable $2,100

Unearned revenue (from gift certificates) $1,000

Bank Loan Payable $10,000

Common Shares $5,000

Retained Earnings $11,400. 

The following transactions occurred during May:


MAY 1   Paid rent for the month of May, $1,000.


MAY 4   Paid $1,100 of the accounts payable outstanding at April 30.


MAY 7    Issued gift certificates for future services for $1,500 cash.


MAY 15    Received $2,000 from customers for services performed to date.


MAY 15    Paid $1,200 in salaries to employees.


MAY 17    Customers receiving services worth $700 used gift certificates in payment.


MAY 18    Paid the remaining accounts payable from April 30.


MAY 22     Purchased supplies of $700 on account.


MAY 24     Received a bill for advertising for $500. This bill is due on June 22.


MAY 25     Received and paid a utilities bill for $400.


MAU 28    Received $2,100 from custorners for services performed.


MAY 29     Customers receiving services worth $600 used gift certificates in payment.


MAY 30    Interest of $50 was paid on the bank loan.


MAY 31     Paid $1,200 in salaries to employees.


MAY 31     Paid Income Tax instalment for the month, $150.


Instructions

a) Jourmalize the May transactions

b) Set up the T accounts, enter the beginning balances in the general ledger at April 30, and post the May journal entries to the general ledger.

c) Prep a trial balance at May 31.

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Pamper Me Salon Inc. s general ledger at April 30, 2017, showed Cash $5,000 Supplies $500 Equipment $24,000 Accounts Payable $2,100 Unearned revenue...
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