Question

1. 2 May 2018 paid $550 in cash for rent.                         
2. 3 May 2018 purchased equipment on account for $450.
3. 3 May 2018 buy land for $45,000 with Notes payable.
4. 4 May 2018 sold goods on account for $4,560.
5. 4 May 2018 paid in cash $3,660 to Accounts Payable.
6. 5 May 2018 sold goods for cash $5,700.
7. 6 May 2018 paid in cash $1,200 to advertise the new product of the company.
8. 6 May 2018 purchased machines for the company for $5,820 on account.
9. 7 May 2018 the owner put in $10,000 cash in the business.
10. 7 May 2018 received $4,500 from a customer (Accounts Receivable) who did not pay before.
11. 8 May 2018 borrowed cash $12,000 with a Note Payable.

9 May 2018 owner withdrew cash $5,250 from the business

Answer 1

S. No.	Date	Account Title and Explanations	Debit	Credit
i.	2 May 2018	Rent expense	550
		Cash		550
ii.	3 May 2018	Equipment	450
		Accounts payable		450
iii.	3 May 2018	Land	45,000
		Notes payable		45,000
iv.	4 May 2018	Accounts receivable	4,560
		Revenue		4,560
v.	4 May 2018	Accounts payable	3,660
		Cash		3,660
vi.	5 May 2018	Cash	5,700
		Revenue		5,700
vii.	6 May 2018	Advertising expense	1,200
		Cash		1,200
viii.	6 May 2018	Machine	5,820
		Accounts payable		5,820
ix.	7 May 2018	Cash	10,000
		Common Stock		10,000
x.	7 May 2018	Cash	4,500
		Accounts receivable		4,500
xi.	8 May 2018	Cash	12,000
		Notes payable		12,000
xii.	9 May 2018	Drawings account	5,250
		Cash		5,250