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FINANCIAL ACCOUNTING
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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Prepare a trial balance as of May 31, 2020. Totals BONITA SERVICES Trial Balance R Debit Credit
Transcribed Image Text:Prepare a trial balance as of May 31, 2020. Totals BONITA SERVICES Trial Balance R Debit Credit
Bonita Services was formed on May 1, 2020. The following transactions took place during the first month. Transactions on May 1: 1. 2. 3. 4. 5. Paid 2,184 cash for a one-year insurance policy on the furniture and equipment. Transactions during the remainder of the month: Purchased basic office supplies for 382 cash. Purchased more office supplies for 1,365 on account. Total revenues earned were 18,200-7,280 cash and 10,920 on account. Paid 364 to suppliers for accounts payable due. Received 2,730 from customers in payment of accounts receivable. Received utility bills in the amount of 346, to be paid next month. Paid the monthly salaries of the two employees, totaling 5,552. 6. 7. 8. 9. 10. 11. Rahul Shah invested 36,400 cash in the company in exchange for ordinary shares. Hired two employees to work in the warehouse. They will each be paid a salary of 2.776 per month. Signed a 2-year rental agreement on a warehouse; paid 18,200 cash in advance for the first year. Purchased furniture and equipment costing 27,300. A cash payment of 9.100 was made immediately; the remainder will be paid in 6 months. 12.
Transcribed Image Text:Bonita Services was formed on May 1, 2020. The following transactions took place during the first month. Transactions on May 1: 1. 2. 3. 4. 5. Paid 2,184 cash for a one-year insurance policy on the furniture and equipment. Transactions during the remainder of the month: Purchased basic office supplies for 382 cash. Purchased more office supplies for 1,365 on account. Total revenues earned were 18,200-7,280 cash and 10,920 on account. Paid 364 to suppliers for accounts payable due. Received 2,730 from customers in payment of accounts receivable. Received utility bills in the amount of 346, to be paid next month. Paid the monthly salaries of the two employees, totaling 5,552. 6. 7. 8. 9. 10. 11. Rahul Shah invested 36,400 cash in the company in exchange for ordinary shares. Hired two employees to work in the warehouse. They will each be paid a salary of 2.776 per month. Signed a 2-year rental agreement on a warehouse; paid 18,200 cash in advance for the first year. Purchased furniture and equipment costing 27,300. A cash payment of 9.100 was made immediately; the remainder will be paid in 6 months. 12.
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