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Assignment

The document provides journal entries for transactions that occurred during the month of May. It then lists steps to record the entries in t-accounts, prepare a chart of accounts, and trial balance. The journal entries are for cash receipts and payments, asset and expense accounts, and payroll transactions.

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JC Nicavera
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88 views

Assignment

The document provides journal entries for transactions that occurred during the month of May. It then lists steps to record the entries in t-accounts, prepare a chart of accounts, and trial balance. The journal entries are for cash receipts and payments, asset and expense accounts, and payroll transactions.

Uploaded by

JC Nicavera
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd
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1. Prepare journal entries for May transactions.

May-02 Cash 92,500


Castillo Capital 92,500

May-03 Office Equipment 36,800


Accounts Payable 36,800

May-04 Office Supplies 17,100


Accounts Payable 17,100

May-06 Accounts Receivable 29,200


Accounting Revenues 29,200

May-08 Accounts Payable 4,100


Cash 4,100

May-10 Office Condominium 265,000


Cash 38,000
Note Payable 227,000

May-12 Salaries Expense 14,200


Cash 14,200

May-13 Cash 9,750


Accounts Receivable 9,750

May-16 Telephone Expense 650


Cash 650

May-19 Cash 14,600


Accounting Revenues 14,600

May-22 Office Supplies 4,650


Accounts Payable 4,650

May-23 Castillo Withdrawals 8,150


Cash 8,150

May-25 Salaries Expense 10,300


Cash 10,300

May-26 Accounts Receivable 31,600


Accounting Revenues 31,600

May-27 Professional Dues Expense 5,500


Cash 5,500

May-28 Rent Expense 3,250


Cash 3,250
2. Post the entries to ledger accounts (t-accounts) 3. Prepare Chart of Accounts

Cash Notes Payable


101 Dr Cr 202 Dr Cr
92,500 4,100 227,000
9,750 38,000 227,000
14,600 14,200
650 301 Castillo Capital
8,150 Dr Cr
10,300 92,500
5,500 92,500
3,250
32,700 302 Castillo Withdrawals
Dr Cr
102 Accounts Receivable 8,150
Dr Cr 8,150
29,200 9,750
31,600 401 Accounting Revenues
51,050 Dr Cr
29,200
103 Office Supplies 14,600
Dr Cr 31,600
17,100 75,400
4,650
21,750 501 Salaries Expense
Dr Cr
105 Office Condominium 14,200
Dr Cr 10,300
265,000 24,500
265,000
502 Rent Expense
104 Office Equipment Dr Cr
Dr Cr 3,250
36,800 3,250
36,800
502 Telephone Expense
201 Accounts Payable Dr Cr
Dr Cr 650
4,100 36,800 650
17,100
4,650 504 Professional Dues Expense
54,450 Dr Cr
5,500
5,500
3. Prepare Chart of Accounts 4. Prepare trial balance.

ASSETS Account Name Debit


Account Number Account Name
Cash 32,700
101 Cash Accounts Receivable 51,050
102 Accounts Receivable Office Supplies 21,750
103 Office Supplies Office Equipment 36,800
104 Office Equipment Office Condominium 265,000
105 Office Condominium Accounts Payable
Notes Payable
LIABILITIES Castillo Capital
Castillo Withdrawals 8,150
201 Accounts Payable Accounting Revenues
202 Notes Payable Salaries Expense 24,500
Rent Expense 3,250
OWNER'S EQUITY Telephone Expense 650
Professional Dues Expense 5,500
301 Castillo Capital
302 Castillo Withdrawals Total 449,350

REVENUES

401 Accounting Revenues

EXPENSES

501 Salaries Expense


502 Rent Expense
503 Telephone Expense
504 Professional Dues Expense
Credit

54,450
227,000
92,500

75,400

449,350

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