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Pamper Me Salon Inc. s general ledger at April 30, 2017, showed

 Cash $5,000



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.


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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