Prepare general journal entries to record the following transactions:

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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35.

Best Graphics has the following accounts in its general ledger: Cash; Accounts Receivable; Supplies; Office Equipment; Accounts Payable; Common Stock; Dividends; Service Fees Earned; Rent Expense; and Salaries Expense. Prepare general journal entries to record the following transactions:

May 1

Shareholders invested $110,000 cash in exchange for stock.

2

Paid May rent, $5,300.

4

Purchased office equipment for $9,000, paying $3,000 cash, with the balance due on account in 60 days.

5

Purchased supplies on account, $2,300.

12

Billed clients for services, $5,800.

18

Collected $3,800 on account from clients.

19

Paid $1,500 on account to suppliers.

26

Paid $9,000 cash dividends.

31

Paid salaries for May, $3,200.

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