PROBLEM 3 After graduating from JSC KAZGUU, Arman Asaubayev started his own busi

Question

PROBLEM 3 After graduating from JSC KAZGUU, Arman Asaubayev started his own business. The transactions of his company in May were as follows: May Arman Asaubayev invested $2,000 in 2,000 shares of S1 par value common stock of his newly opened company May 3: Paid S300 in advance for two months' rent of an office May 9: Purchased stationeries for $200 in cash May 12: Purchased S400 of equipment on credit; made a 25 percent downpayment May 15: Provide a special course for students on CFA exam for a fee of S35 on credit. May 18: Made a payment of S50 on the equipment purchased on May 12 May 27: Paid a utility bill of $40 REQUIRED: I To post the transactions to T accounts 2. To prepare a trial balance sheet for the month of May

Explanation / Answer

Problem 3:

1. T-accounts:

Cash:

Accounts Receivable:

Prepaid Rent:

Stationery:

Equipment:

Accounts Payable:

2.

Problem 4:

1. T-accounts:

Cash:

Accounts Receivable:

Supplies:

Computers:

Office Equipment:

Accounts Payable:

Common Stock:

Dividends:

Training Revenue:

Salaries Expense:

Rent Expense:

Advertising Expense:

Repairs Expense:

Utilities Expense:

2.

Common Stock 2,000 Prepaid Rent 300 Stationery 200 Equipment 100 Accounts Payable 50 Utilities Expense 40 Balance 1,310

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