I need help with a Accounting question. All explanations and answers will be used to help me learn.
A company has the following transactions during May:
|May 1||Purchased a storage building by obtaining a loan of $5,000.|
|May 6||Provided services to customers for cash, $1,800.|
|May 12||Pay $1,200 in advertising in May.|
|May 17||Repay $1,000 of the amount borrowed on May 1.|
|May 20||Received $3,500 in cash from customers for services provided previously on account.|
|May 28||Purchased office supplies for $800 cash.|
- Record each transaction in the journal entries. Use the table button (above) to create the journal entries.
- Post the transactions to the Cash t-account, assuming a beginning cash balance of $2,500. Use the table button (above) to create the Cash t-account.