Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. question two: (40 points) santa ana services was f

Question Two: (40 points) Santa Ana Services was formed on May 1, 2017. The following...

80.2K

Verified Solution

Question

Accounting

image
Question Two: (40 points) Santa Ana Services was formed on May 1, 2017. The following transactions took place during the first month. May 1 Santa Ana invested $40,000 cash in the company, as its sole owner. Hired two employees to work in the warehouse. They will each be paid a salary of $3,050 per month. 1 Purchased equipment costing $30,000. A cash payment of $10,000 was made immediately; the remainder will be paid in 6 months. 6 Withdrew $1,100 for buying a personal car. 10 7 Purchased basic office supplies for $500 cash. Purchased more office supplies for $1,500 on account. 12 Performed services for $20,000---receiving $8,000 cash and $12,000 on account. 15 Paid $400 to suppliers for accounts payable due. 17 Received $3,000 from customers in payment of accounts receivable. 22 Received utility bills in the amount of $350, to be paid next month. 31 Paid the monthly salaries of the two employees, totalling $6,100. Instructions: (a) Prepare journal entries to record each of the above transactions. (b) Post the journal entries to T-accounts. (c) Prepare a trial balance as of May 31, 2017

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

A poll is taken in which 348 out of 525 randomly selected voters indicated their preference...

Statistics
Q

Please correct my grammar's mistakes :) Please correct my grammar's mistakes, thanks! I chose to interview Dinh,...

Biology
Q

true or false: 1. in order to lose one pound of body fat, a person need...

Biology
Q

hey everyone i would like to need a solution for 1.9D, 1.15D and 1.18D from chapter...

Mechanical Engineering
Q

there are many ways in which we can manage our evironmental impacts. choose two iniyiatives that...

General Management
Q

List each taxon in the Linnaean system of classification, from most general to most specific.

Biology
Q

CE0214 25 Two wires of resistance R and R at 0 C have temperature coefficients...

Physics
Q

Find the given derivative d dx dx 5x 5x 1 3 3 3 5 3...

Basic Math
Q

Cost of Production Report: Average Cost Method Use the average cost method with the following...

Accounting
Q

Kristin May Bakery, Inc. reported a prior-period adjustment in 2018. An accounting error caused net...

Accounting
Q

Required information Problem 14-7 Prepare a Statement of Cash Flows (LO14-1, LO14-2] [The following information...

Accounting
Q

ch 12 ex12-11 The following financial statements and additional...

Accounting