
Concept explainers
(a)
Journalizing: It is the process of recording the transactions of an organization in a chronological order. Based on these journal entries recorded, the amounts are posted to the relevant ledger accounts.
Standard form of account: It is the statement representing a ledger account enumerating all the debit and credit transactions in one place and showing the debit and credit amounts separately.
To Prepare: (a) Journal entries for the transaction, (b) ledger accounts and (c) the trial balance as on May 31, 2015.
(b)
To Post: the transactions.
(c)
To prepare: the trial balance as on May 31, 2015.

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Financial Accounting
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