Pamper Me Salon Inc. s general ledger at April 30, 2017, showed Cash $5,000Supplies $500
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.
378,310 students got unstuck by Course
Hero in the last week
Our Expert Tutors provide step by step solutions to help you excel in your courses