Tiansactions for Giles Cuaupany for e th of May e presented

Tiansactions for Giles Cuaupany for e th of May e presented below. On e foa provided oa tbe following page, journalize ese transactions in geneal joual foi Identify each transaction by numbe. Ouit explanations. A puial cart ofaccounts is pioviued Cash ccounts Receivable Supplhes Prepaid Insurance Prepaid Rent Uaearned Service Revenue Common Stock Retained Eamings Service Reve Inaurance Expense Adrertising Expense Wagca Expense Rent Experse Notea Payable Accounts Payable After you hhave jouanalized the trunsativa, post tbose enties which affect cash ino the T accouat f ptovided and calculate te ding balance in the cush accout. 1. The Companises stock i exchange for S100,000. 2. Purchased equipment costing S18,000 for $3.000 cash and the remainder on credit. 3. Paid $00 for current month\'s rent 4. Purchased supplies on credit for $500 5. Paid S1200 for a one-year insurance policy 6. Received a bill u S300 fo advertising fo he cn Pay will bea in two weeks. 0. Billed customer S5,000 for services perfored on account. 8. Hireda a new employee who ll begin work next week at a rate of $1,250 per weelk 9 Collected $1,000 from cnstomers hilled in transaction 7 10. Tbe Company paid dividends of $300 to stockholders. 11. Receved 3750 in advance fot services to be pefoamed next onth. 12. Made a partial payment of S100 foc supplies purciased in4

Solution

Giles Co. Journals Number Account Titles Debit $ Credit $ 1 Cash 100000 Common Stock 100000 2 Equipment 18000 Cash 3000 Accounts payable 15000 3 Rent expense 500 Cash 500 4 Supplies 500 Accounts payable 500 5 Insurance expense 12000 Cash 12000 6 Advertising expense 300 Accounts payable 300 7 Accounts Receivable 5000 Service Revenue 5000 8 No Entry 9 Cash 1000 Accounts receivable 1000 10 Dividends 800 Cash 800 11 Cash 750 Unearned service revenue 750 12 Accounts payable 100 Cash 100 138950 138950 Cash Account Account Titles Debit $ Account Titles Debit $ Common Stock 100000 Equipment 3000 Accounts receivable 1000 Rent 500 Unearned service revenue 750 Insurance expense 12000 Dividends 800 Accounts payable 100 Balance c/d 85350 101750 101750