Alonzo Ezequiel started his ironing services business on May 1, 2023 with the business name incorporated as ALONEZE Iron Express Inc. The following transactions were made by ALONEZE Corporation during the month of May. You do not have to write the explanation of each transaction. May 2 - Alonzo invested $40,000, acquiring common stock in the corporation. May 3- he paid in “Cash” $800 rent for the month of May. May 4- Bought $1,700 worth of Supplies on credit. May 5- Received $3,200 in Cash Advance for Unearned Services. May 10- Bought "Equipment" for $16,000, paying $3,000 in "Cash" and signed a "Long Term Note Payable" for $13,000, payable in three years. May 12- Ironing services performed and billed to customers $8,400, but not collected (Fiao). May 14- Paid $800 in “Cash" to credit the account for materials purchased on May 4. May 15- Prepaid Insurance paid $1,200 in advance for one year. May 17- Incurred $700 for car expenses, received the invoice, but it was pending paymen until the following September. May 20 - Paid $2,100 in "Cash" to employees for "Salaries Expenses" May 21- The Board of Directors declared a cash dividend of $2,200 to the sole shareholder, Alonzo. May 22 - Received the amount of $6,400 in cash from customers (Accounts Receivable) that had been invoiced to them on May 12. May 25- Received $12,000 in cash for ironing services during the month of May. May 27 - Paid $400 in cash for miscellaneous expenses. May 31 - The Cash Dividend declared on May 21 was paid.
Alonzo Ezequiel started his ironing services business on May 1, 2023 with the business name incorporated as ALONEZE Iron Express Inc. The following transactions were made by ALONEZE Corporation during the month of May. You do not have to write the explanation of each transaction. May 2 - Alonzo invested $40,000, acquiring common stock in the corporation. May 3- he paid in “Cash” $800 rent for the month of May. May 4- Bought $1,700 worth of Supplies on credit. May 5- Received $3,200 in Cash Advance for Unearned Services. May 10- Bought "Equipment" for $16,000, paying $3,000 in "Cash" and signed a "Long Term Note Payable" for $13,000, payable in three years. May 12- Ironing services performed and billed to customers $8,400, but not collected (Fiao). May 14- Paid $800 in “Cash" to credit the account for materials purchased on May 4. May 15- Prepaid Insurance paid $1,200 in advance for one year. May 17- Incurred $700 for car expenses, received the invoice, but it was pending paymen until the following September. May 20 - Paid $2,100 in "Cash" to employees for "Salaries Expenses" May 21- The Board of Directors declared a cash dividend of $2,200 to the sole shareholder, Alonzo. May 22 - Received the amount of $6,400 in cash from customers (Accounts Receivable) that had been invoiced to them on May 12. May 25- Received $12,000 in cash for ironing services during the month of May. May 27 - Paid $400 in cash for miscellaneous expenses. May 31 - The Cash Dividend declared on May 21 was paid.
Chapter14: Corporation Accounting
Section: Chapter Questions
Problem 2EB: You are an accountant working for a manufacturing company that makes personal care products and has...
Related questions
Question
Please don't provide solutions in image thanku
Transcribed Image Text:Alonzo Ezequiel started his ironing services business on May 1, 2023 with the business name
incorporated as ALONEZE Iron Express Inc. The following transactions were made by
ALONEZE Corporation during the month of May. You do not have to write the explanation of
each transaction.
May 2 - Alonzo invested $40,000, acquiring common stock in the corporation.
May 3- he paid in "Cash" $800 rent for the month of May.
May 4- Bought $1,700 worth of Supplies on credit.
May 5- Received $3,200 in Cash Advance for Unearned Services.
May 10- Bought "Equipment" for $16,000, paying $3,000 in "Cash" and signed a "Long
Term Note Payable" for $13,000, payable in three years.
May 12- Ironing services performed and billed to customers $8,400, but not collected
(Fiao).
May 14- Paid $800 in "Cash" to credit the account for materials purchased on May 4.
May 15- Prepaid Insurance paid $1,200 in advance for one year.
May 17- Incurred $700 for car expenses, received the invoice, but it was pending payment
until the following September.
May 20 - Paid $2,100 in "Cash" to employees for "Salaries Expenses"
May 21- The Board of Directors declared a cash dividend of $2,200 to the sole
shareholder, Alonzo.
May 22 - Received the amount of $6,400 in cash from customers (Accounts Receivable)
that had been invoiced to them on May 12.
May 25- Received $12,000 in cash for ironing services during the month of May.
May 27 - Paid $400 in cash for miscellaneous expenses.
May 31 - The Cash Dividend declared on May 21 was paid.
Transcribed Image Text:Prepare the "Post Closing Trial Balance" with the permanent accounts that remained
open.
POST CLOSING TRIAL BALANCE
ACCOUNT NAME
DEBIT
CREDIT
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 3 steps with 4 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College