Question

Q2: XYZ Co. was started on May 1. A summary of May transactions is presented below:

May1, Invested $600,000 cash to start the repair shop.

May 2, Purchased equipment for $80,000 cash.

May 3 , Paid $50,000 cash for May office rent

. May 4 , Paid $15,000 cash for supplies.

May 5. Received $60,000 in cash from customers for service completed.

May 76. Withdrew $15,000 cash for personal use.

May 7. Paid employee salaries $70,000.

May 8. Paid utility bills $2500.

May 9. Provided repair service on account to customers $90,000.

May 10. Collected cash of $25,000 for services billed in transaction (May 9.).

• Enter these transactions in journal.
• Post to cash ledger account.
• Prepare trial balance

Answer 1

Trial Balance Grodit Debit Accounts S.No Lodges 452500 600000 1. Cash 2) Capital 30) Equipment 4.) offio Reut 5) supplies 6) Sernica Revenue M Sodo Isovo M 7) Drawings 8) Selasy 9.) utility Expenses 10.) Accounts Receivables 65000 Isnin ಹಿಯಾ 2002 750000 750000

TOURNAL Particuless Of Debit Credit Date 1 600,000 1600,000 80,002 80,000 150,000 Cash Alc To Capital Ale. maya Equipment All To Cash Ac May3 office Rent Alco To Cash Ale. May & Supplies Ali To Cash Ale. Mais Cash Ale 50,000 15,000 sooo Dr. 60,000 To Sesia Revenue kosit 60,000 Magle Drawstings Alle Dr13,000 To Cash Ale! 13,000 70,000 To Cast Ale .

Maye Uhility Expanses Ale 'To Cash Ale. Maya Accounts Receivables All Dr 90 pro To Serwa Revenu L 90,00 Net Cast & 25,000 May lo Cash Alo To Accounts Receivable f 250000 Gues бр. Putt aut Pus Inc Ru Cash Alei Dute Particulars of Amoutoute Pasticulass If Amount 15000 Mayl to Copiza Ale cormre Maya Ray Spuipment Butto Mays To Seshie Goobo Map By office Rent JUODO Revenu Alco Marin By Supplies Mylo To Accounts sono Mayo By Dreusiyp 100 Receivables the main by Salary 7000 Meya By Utility My By Balerdy 450.000 2007 68DVO 681000