Open the following three-column ledger accounts for Yarrow Strategic Consulting at May 1, 2017: Cash, #1100; Accounts Receivable, #1300; Office Supplies, #1500; Office Furniture, #1800; Accounts Payable, #2100; Florence Yarrow, Capital, #3100; Florence Yarrow, Withdrawals, #3200; Consulting Revenue, #4100; Rent Expense, #5500; Salary Expense, #5600. Journalize the following May 2017 transactions on the ninth page of the journal, then post to the ledger accounts. Use the dates to identify the transactions.
May 2 Florence Yarrow opened a strategic consulting firm by investing $39,200 cash and office furniture valued at $16,200.
2 Paid cash for May’s rent of $2,500.
2 Purchased office supplies on account, $1,800.
15 Paid employee salary, $4,000 cash.
17 Paid $1,200 of the account payable from May 2.
19 Performed consulting service on account, $69,000.
30 Withdrew $8,000 cash for personal use.
Enjoy 24/7 customer support for any queries or concerns you have.
Phone: +1 213 3772458
Email: support@gradeessays.com