Mike Shaw began his contracting business, Mike Shaw Contractors, on April 1, 201
ID: 2582993 • Letter: M
Question
Mike Shaw began his contracting business, Mike Shaw Contractors, on April 1, 2017 The post-closing trial balance for Mike Shaw Contractors for April is down below. During May, Mike Shaw Contractors entered into the following transactions: May Received cash from clients as an advance payment for services to be 3. | provided and recorded it as unearned fees, $4,500. 5. Received cash from clients on account, $2,450. 9. Paid cash for a newspaper advertisement, $225, 13. Paid Office Station Co. for part of the debt incurred on April 5, $640 15 Recorded services provided on account for the period May 1-15, $9,180 16. Paid part-time receptionist for two weeks' salary including the amount 17. Recorded cash from cash clients for fees earned during the period 20. | Purchased supplies on account, $735. 25. Recorded cash from cash clients for fees earned for the period May 27. Received cash from clients on account, $9,520. 30. Paid telephone bill for May, $260. owed on April 30, $750 May 1-16, $8,360. Record the following transactions on Page 6 of the journal: e provided on account for the perñod Nay 16-20, $4,820. 17-23, $7,900. 28. Paid part-time receptionist for two weeks' salary, $750. 31. Paid electricity bill for May, $810.Explanation / Answer
1. In the books of Mike Shaw Contractors :
Contd.
3. Mike Shaw Contractors
Unadjusted Trial Balance
May 31, 2017
Date Account Titles Debit Credit May $ $ 3 Cash 4,500 Unearned Fees 4,500 5 Cash 2,450 Accounts Receivable 2,450 9 Miscellaneous Expense 225 Cash 225 13 Accounts Payable 640 Cash 640 15 Accounts Receivable 9,180 Fees Earned 9,180 16 Salaries Payable 120 Salary Expense 630 Cash 750 17 Cash 8,360 Fees Earned 8,360 20 Supplies 735 Accounts Payable 735 21 Accounts Receivable 4,820 Fees Earned 4,820 25 Cash 7,900 Fees Earned 7,900 27 Cash 9,520 Accounts Receivable 9,520 28 Salary Expense 750 Cash 750