. PART A COMPLETE THE JOURNAL ENTRIES. SOME ENTRIES MAY HAVE HIGHLIGHTED CELLS T
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. PART A COMPLETE THE JOURNAL ENTRIES. SOME ENTRIES MAY HAVE HIGHLIGHTED CELLS THAT ARE EMPTY. PART B GIVE THE UPDATED BALANCES OF EACH ACCOUNT AFTER ENTERING THE JOURNAL ENTRIES PART A: RAY ENTERPRISES HAD THE FOLLOWING TRANSACTIONS FOR MAY 2013. May 1 - The owner, R. Ray, invested $20,000 cash into the business. May 3 - The company purchase a piece of equipment for $2,000 May 5 - The company purchased supplies on account for $300. May 7 - The company performed services and received $500. May 10 - The company performed services and sent a bill to a customer for $450. May 11 - The company paid rent of $375. May 15 - The company paid wages of $250 to an employee. COMPLETE THE JOURNAL ENTRIES BELOW USING THE TRANSACTIONS ABOVE AND THE CHART OF ACCOUNTS BELOW CHART OF ACCOUNTS 101 CASH 201 ACCOUNTS PAYABLE 401 SERVICE FEES 102 ACCOUNTS RECEIVABLE 301 R. RAY, CAPITAL 501 RENT EXPENSE 104 SUPPLIES 302 R. RAY, DRAWING 502 WAGES EXPENSE 105 EQUIPMENT General Journal Page 1 Date Account Title P.R. Debit Credit May 1 PART B WHILE I AM NOT REQUIRING YOU TO POST THE BALANCES IN A GENERAL LEDGER, GIVE THE BALANCES FOR EACH ACCOUNT AT THE END OF MAY. (ASSUME THAT WE HAD NO TRANSACTIONS PRIOR TO MAY 2013) BALANCE Is the balance a Debit or Credit balance? 101 CASH 102 ACCOUNTS RECEIVABLE 104 SUPPLIES 105 EQUIPMENT 201 ACCOUNTS PAYABLE 301 R. RAY, CAPITAL 302 R. RAY, DRAWING 401 SERVICE FEES 501 RENT EXPENSE 502 WAGES EXPENSE . PART A COMPLETE THE JOURNAL ENTRIES. SOME ENTRIES MAY HAVE HIGHLIGHTED CELLS THAT ARE EMPTY. PART B GIVE THE UPDATED BALANCES OF EACH ACCOUNT AFTER ENTERING THE JOURNAL ENTRIES PART A: RAY ENTERPRISES HAD THE FOLLOWING TRANSACTIONS FOR MAY 2013. May 1 - The owner, R. Ray, invested $20,000 cash into the business. May 3 - The company purchase a piece of equipment for $2,000 May 5 - The company purchased supplies on account for $300. May 7 - The company performed services and received $500. May 10 - The company performed services and sent a bill to a customer for $450. May 11 - The company paid rent of $375. May 15 - The company paid wages of $250 to an employee. COMPLETE THE JOURNAL ENTRIES BELOW USING THE TRANSACTIONS ABOVE AND THE CHART OF ACCOUNTS BELOW CHART OF ACCOUNTS 101 CASH 201 ACCOUNTS PAYABLE 401 SERVICE FEES 102 ACCOUNTS RECEIVABLE 301 R. RAY, CAPITAL 501 RENT EXPENSE 104 SUPPLIES 302 R. RAY, DRAWING 502 WAGES EXPENSE 105 EQUIPMENT General Journal Page 1 Date Account Title P.R. Debit Credit May 1 PART B WHILE I AM NOT REQUIRING YOU TO POST THE BALANCES IN A GENERAL LEDGER, GIVE THE BALANCES FOR EACH ACCOUNT AT THE END OF MAY. (ASSUME THAT WE HAD NO TRANSACTIONS PRIOR TO MAY 2013) BALANCE Is the balance a Debit or Credit balance? 101 CASH 102 ACCOUNTS RECEIVABLE 104 SUPPLIES 105 EQUIPMENT 201 ACCOUNTS PAYABLE 301 R. RAY, CAPITAL 302 R. RAY, DRAWING 401 SERVICE FEES 501 RENT EXPENSE 502 WAGES EXPENSEExplanation / Answer
Journal entries:
Balances
Total $21,250 $21,250
Date Description Debit Credit May 1 Cash $20,000 To R. Ray's capital $20,000 May 3 Equipment $2,000 Cash $2,000 May 5 Supplies $300 To Accounts payable $300 May7 Cash $500 To Service fees $500 May 10 A/c recievable $450 To service $450 May 11 Rent expense $375 To cash $375 May 15 Wages expense $250 To cash $250Related Questions
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