May 30: Paid telephone bill for May, $260.DescriptionPost. Ref.DebitCreditMay 31: Paid electricity bill for May, $810.DescriptionPost. Ref.DebitCreditMay 31: Received cash from cash clients for fees earned for the period May 26-31, $3,300.DescriptionPost. Ref.DebitCreditMay 31: Provided services on account for the remainder of May, $2,650.DescriptionPost. Ref.DebitCreditMay 31: Kelly withdrew $10,500 for personal use.DescriptionPost. Ref.DebitCredit May 17: Received cash from cash clients for fees earned during the period May 1-16, $8,360.DescriptionPost. Ref.DebitCreditMay 20: Purchased supplies on account, $735.DescriptionPost. Ref.DebitCreditMay 21: Provided services on account for the period May 16-20, $4,820.DescriptionPost. Ref.DebitCreditMay 25: Received cash from cash clients for fees earned for the period May 17-23, $7,900.DescriptionPost. Ref.DebitCreditMay 27: Received cash from clients on account, $9,520.DescriptionPost. Ref.DebitCreditMay 28: Paid part-time receptionist for two weeks' salary, $750.DescriptionPost. Ref.DebitCredit

1. Journal Entries - Journal Entries are the recording of transactions of the organization. It is…

May 30: Paid telephone bill for May, $260. Description Post. Ref. Debit Credit May 31: Paid electricity bill for May, $810. Description Post. Ref. Debit Credit May 31: Received cash from cash clients for fees earned for the period May 26-31, $3,300. Description Post. Ref. Debit Credit May 31: Provided services on account for the remainder of May, $2,650. Description Post. Ref. Debit Credit May 31: Kelly withdrew $10,500 for personal use. Description Post. Ref. Debit Credit

May 30: Paid telephone bill for May, $260. Description Post. Ref. Debit Credit May 31: Paid electricity bill for May, $810. Description Post. Ref. Debit Credit May 31: Received cash from cash clients for fees earned for the period May 26-31, $3,300. Description Post. Ref. Debit Credit May 31: Provided services on account for the remainder of May, $2,650. Description Post. Ref. Debit Credit May 31: Kelly withdrew $10,500 for personal use. Description Post. Ref. Debit Credit

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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