Question

 1. 2-M MASTERY PROBLEM (LO4, 5), pp. 53-54 (STATIC)

 May

 1. Received cash from owner as an investment, $3,700.00.

 2. Paid cash for rent, $600.00.

 4. Paid cash for supples, $400.00.

 4. Received cash from sales, $950.00.

 5. Paid cash for insurance, $375.00.

 ৪. Sold services on account to Lee Chen, $800.00.

 9. Bought supplies on account from Sullivan Supplies, $300.00.

 10. Paid cash for repairs, $85.00.

 11 Received cash from owner as an investment, $2,900.00.

 11 Received cash from sales, $1.000.00.

 12. Bought supplies on account from West End Supplies, $230.00.

 13. Received cash on account from Lee Chen, $650.00.

 15 Paid cash for miscellaneous expense, $35.00.

 16. Paid cash on account to Sullivan Supplies, $60.00.

 22. Paid cash for electric bill (utilities expense), $65.00.

 23 Paid cash for advertising, $105.00.

 25. Sold services on account to Parker McCure, $550.00.

 26. Paid cash to owner for personal use, $500.00.

 30 Received cash on acoount from Parker McCure, $300.00.

 Gardens Plus uses the listed accounts. The T accounts have been prepared for you. Analyze each transaction into its debit and credit parts. Enter the debit and credit amounts in the proper T accounts to show how each transaction changes account balances. Enter the date of the transactions before each amount. (Hint: You must enter the transactions in the order in which they are listed.)

Answer 1

CASH

MAY 1	capital	370000	MAY 2	rent	60000
4	sales	950000	4	supplies	40000
11	capital	290000	5	insurance	37500
11	sales	100000	10	repairs	8500
13	accounts receivables - lee chen	65000	15	miscellaneous expenses	3500
			16	accounts payable - sullivan suppliers	6000
			22	utilities	6500
			23	asdvertising	10500
			26	drawings	50000
			31	BALANCE	1552500

ACCOUNTS RECEIVABLE - LEE CHEN

may 8 by sales 80000 may 13 by cash 65000        31 BALANCE 15000

ACCOUNTS RECEIVABLES - PARKER McCURE

may 25 sales 55000 may        31 BALANCE 55000

SUPPLIES

may 4	cash	40000	may
9	accounts payable - sullivan suppliers	30000
12	accounts payable - westend suppliers	23000
			31	BALANCE	93000

PREPAID INSURANCE

may    5	cash	37500	may
			31	BALANCE	37500

ACCOUNTS PAYABLE - WESTEND SUUPPLIERS

may			may   12	supllies	23000
31	BALANCE	23000

ACCOUNTS PAYABLE - SULIVAN SUPPLIERS

may 16 cash 6000 may 16 supplies 30000         31 BALANCE 24000

CAPITAL

may			may 1	cash	370000
			11	cash	290000
31	BALANCE	660000

DRAWINGS

may 26 cash 50000 may        31 BALANCE 50000

SALES

may			may 4	cash	95000
				accounts receivables - Lee Chen	80000
			11	cash	100000
			25	accounts receivables- parker mccure	55000
31	BALANCE	330000

ADVERTISING EXPENSES

may 23	cash	10500	may
			31	BALANCE	10500

MISCELLANEOUS EXPENSES

may 15	cash	3500	may
			31	BALANCE	3500

RENT EXPENSES

may 2	cash	60000	may
			31	BALANCE	60000

UTILITIES EXPENSES

may 22	cash	6500	may
			31	BALANCE	6500