Domingo Company started its business on January 1, 2019. The following transactions occurred during the month of May. Prepare the journal entries and then use the journal entries to prepare the trial balance. The owners invested $10,000 from their personal account to the business account. Paid rent $500 with check #101. Initiated a petty cash fund $500 with check #102. Received $1,000 cash for services rendered. Purchased office supplies for $158 with check #103. Purchased computer equipment $2,500, paid $1,350 with check #104, and will pay the remainder in 30 days. Received $800 cash for services rendered. Paid wages $600, check #105. Petty cash reimbursement: office supplies $256, maintenance expense $108, postage expense $77, miscellaneous expense $55. Cash on hand $11. Check #106. Increased petty cash by $30, check #107.
Domingo Company started its business on January 1, 2019. The following transactions occurred during the month of May. Prepare the journal entries and then use the journal entries to prepare the trial balance. The owners invested $10,000 from their personal account to the business account. Paid rent $500 with check #101. Initiated a petty cash fund $500 with check #102. Received $1,000 cash for services rendered. Purchased office supplies for $158 with check #103. Purchased computer equipment $2,500, paid $1,350 with check #104, and will pay the remainder in 30 days. Received $800 cash for services rendered. Paid wages $600, check #105. Petty cash reimbursement: office supplies $256, maintenance expense $108, postage expense $77, miscellaneous expense $55. Cash on hand $11. Check #106. Increased petty cash by $30, check #107.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Domingo Company started its business on January 1, 2019. The following transactions occurred during the month of May. Prepare the
- The owners invested $10,000 from their personal account to the business account.
- Paid rent $500 with check #101.
- Initiated a petty cash fund $500 with check #102.
- Received $1,000 cash for services rendered.
- Purchased office supplies for $158 with check #103.
- Purchased computer equipment $2,500, paid $1,350 with check #104, and will pay the remainder in 30 days.
- Received $800 cash for services rendered.
- Paid wages $600, check #105.
- Petty cash reimbursement: office supplies $256, maintenance expense $108, postage expense $77, miscellaneous expense $55. Cash on hand $11. Check #106.
- Increased petty cash by $30, check #107.
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