Question

2 During May, Kate Consulting entered into the following transactions, Journalize entries for them. (27 percent) May. I. The following assets were received from the owner-Kate Pitney: cash $28,000, supplies, $15,000; and office equipment $10,500. 2. Paid the e premiums on property and casualty insurance for next year, $9,60

Answer 1

Journal entries, as asked:

Date	Accounts title	Debit	Credit
May-01	Cash	$28,000
	Supplies	$15,000
	Office Equipment	$10,500
	Capital, Kate Pitney		$53,500
	(Capital invested by owner)
May-02	Prepaid Insurance	$9,600
	Cash		$9,600
	(Insurance premium paid)
May-04	Office Equipment	$5,000
	Accounts Payable		$5,000
	(Equipment purchased on account)
May-05	Supplies	$6,800
	Cash		$6,800
	(Cash paid for supplies)
May-06	Cash	$5,800
	Accounts receivables		$5,800
	(Cash received)
May-14	Salary expenses	$2,750
	Cash		$2,750
	(Salaries paid in cash)
May-20	Accounts receivables	$30,100
	Service revenue -Fees		$30,100
	(revenue earned)
May-24	Cash	$13,850
	Service revenue -Fees		$13,850
	(Cash revenue received)
May-30	Electricity expense [or Utilities expenses]	$500
	Cash		$500
	(Cash paid for expense)