Mason's Restaurant and Catering had the following transactions during the month of May. May 1 Mason contributed $45,000 cash in exchange for common stock. 5 Paid monthly rent on the restaurant equipment, $1,650. 12 Purchased office supplies on account, $1,500. 15 Borrowed $25,000 from the bank for business use. 26 Paid $30,000 cash for a delivery van. 28 Paid $1,500 on account. 29 The business received $1,600 for catering services for a wedding on June 11. 30 Revenues earned during the month included $20,500 cash and $14,500 on account. 31 Received the May utility bill for $1,000. The amount is due on June 10 and will be paid on that date. 31 Paid cash dividends of $4,000. The business uses the following accounts: Cash; Accounts Receivable; Office Supplies; Delivery Van; Accounts Payable; Utilities Payable; Unearned Revenue; Notes Payable; Common Stock; Dividends; Service Revenue; Equipment Rent Expense; and Utilities Expense. Journalize each transaction. Explanations are not needed.
Mason's Restaurant and Catering had the following transactions during the month of May.
May 1 |
Mason contributed $45,000 cash in exchange for common stock. |
5 |
Paid monthly rent on the restaurant equipment, $1,650. |
12 |
Purchased office supplies on account, $1,500. |
15 |
Borrowed $25,000 from the bank for business use. |
26 |
Paid $30,000 cash for a delivery van. |
28 |
Paid $1,500 on account. |
29 |
The business received $1,600 for catering services for a wedding on June 11. |
30 |
Revenues earned during the month included $20,500 cash and $14,500 on account. |
31 |
Received the May utility bill for $1,000. The amount is due on June 10 and will be paid on that date. |
31 |
Paid cash dividends of $4,000. |
|
|
The business uses the following accounts: Cash; Accounts Receivable; Office Supplies; Delivery Van; Accounts Payable; Utilities Payable; Unearned Revenue; Notes Payable; Common Stock; Dividends; Service Revenue; Equipment Rent Expense; and Utilities Expense.
Journalize each transaction. Explanations are not needed.
Trending now
This is a popular solution!
Step by step
Solved in 2 steps