Domingo Company started its business on May 1, 2019. The following transactions occurred during the month of May and the following entries were recorded. A. The owners invested $5,000 from their personal account to the business account. B. Paid rent $700 with check #101. C. Initiated a petty cash fund $500 with check #102. D. Received $1,300 cash for services rendered. E. Purchased office supplies for $158 with check #103. F. Purchased computer equipment $2,000, paid $1,350 with check #104, and will pay the remainder in 30 days. G. Received $800 cash for services rendered. H. Paid wages $700, check #105. I. Petty cash reimbursement: office supplies $256, maintenance expense $108, postage expense $71, miscellaneous expense $55. Cash on hand $18. Check #106. J. Increased petty cash by $30, check #107. A. Cash 5,000 Domingo, Capital 5,000 B. Rent Expense 700 Cash 700 C. Petty Cash 500 Cash 500 D. Cash 1,300 Services Income 1,300 E. Office Supplies 158 Cash 158 F. Computer Equipment 2,000 Cash 1,350 Accounts Payable 650 G. Cash 800 Services Income 800 H. Wages Expense 700 Cash 700 I. Office Supplies 256 Maintenance Expense 108 Miscellaneous Expense 55 Postage Expense 71 Cash Over and Short 8 Cash 482 J. Petty Cash 30 Cash 30

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Domingo Company started its business on May 1, 2019. The following transactions occurred during the month of May and the following entries were recorded.

A. The owners invested $5,000 from their personal account to the business account.
B. Paid rent $700 with check #101.
C. Initiated a petty cash fund $500 with check #102.
D. Received $1,300 cash for services rendered.
E. Purchased office supplies for $158 with check #103.
F. Purchased computer equipment $2,000, paid $1,350 with check #104, and will pay the remainder in 30 days.
G. Received $800 cash for services rendered.
H. Paid wages $700, check #105.
I. Petty cash reimbursement: office supplies $256, maintenance expense $108, postage expense $71, miscellaneous expense $55. Cash on hand $18. Check #106.
J. Increased petty cash by $30, check #107.

A.	Cash	5,000
	Domingo, Capital		5,000
B.	Rent Expense	700
	Cash		700
C.	Petty Cash	500
	Cash		500
D.	Cash	1,300
	Services Income		1,300
E.	Office Supplies	158
	Cash		158
F.	Computer Equipment	2,000
	Cash		1,350
	Accounts Payable		650
G.	Cash	800
	Services Income		800
H.	Wages Expense	700
	Cash		700
I.	Office Supplies	256
	Maintenance Expense	108
	Miscellaneous Expense	55
	Postage Expense	71
	Cash Over and Short		8
	Cash		482
J.	Petty Cash	30
	Cash		30

Prepare a trial balance using the journal entries. If an amount box does not require an entry, leave it blank.

Domingo CompanyTrial BalanceMay 31, 2019

Account	Debit	Credit
	Domingo, Capital	Domingo, Capital
	- Select -	- Select -
	- Select -	- Select -
	- Select -	- Select -
	- Select -	- Select -
	- Select -	- Select -
	- Select -	- Select -
	- Select -	- Select -
	- Select -	- Select -
	- Select -	- Select -
	- Select -	- Select -
	- Select -	- Select -
	- Select -	- Select -
Total	fill in the blank 40	fill in the blank 41

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