Question

May 18: Paid $2,600, an amount owed to a creditor 19: Received $2,000 from customers who were previously billed 20: Provided services totaling $7500; received 10% and the remainder is on account 21: Received $4000 for work to be performed at a future date 22: Purchased a building costing $90,000; paid 12% and signed a 6% note for the remainder 23: Purchased equipment costing $14000; Paid 5% and the remainder is on account 24: Paid salaries, $11,750 25: Provided services totaling $15,000; received 10% and the remainder is on account 29: Received $850 from May 20 transaction 29: Purchased supplies totaling $3,000; Paid 40% and the remainder is on account 31: Paid dividends, $2000 31: Earned $500 from May 21 transaction

Answer 1

Journal entries
Date	Account	Debit	Credit	Calculation
18-May	Accounts Payable	$        2,600
	Cash		$        2,600
19-May	Cash	$        2,000
	Accounts Receivable		$        2,000
20-May	Cash	$           750		7500*10%
	Accounts Receivable	$        6,750
	Service Revenue		$        7,500
21-May	Cash	$        4,000
	Unearned Revenue		$        4,000
22-May	Building	$     90,000
	Cash		$     10,800	90000*12%
	Notes Payable		$     79,200
23-May	Equipment	$     14,000
	Cash		$           700	14000*5%
	Accounts Payable		$     13,300
24-May	Salaries expense	$     11,750
	Cash		$     11,750
25-May	Cash	$        1,500		15000*10%
	Accounts Receivable	$     13,500
	Service Revenue		$     15,000
29-May	Cash	$           850
	Accounts Receivable		$           850
29-May	Supplies	$        3,000
	Cash		$        1,200	3000*40%
	Accounts Payable		$        1,800
31-May	Dividends	$        2,000
	Cash		$        2,000
31-May	Unearned Revenue	$           500
	Service Revenue		$           500