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503 350 503 350 additional information during the month of may 4 300 of common shar 4294691

$503,350

$503,350

Additional information:

During the month of May, $4,300 of common shares were issued.

Prepare the closing journal entries and post them to T – accounts

year end, May 31, 2015. The company adjusts its accounts monthly.

 

 

Debit

 

Credit

 

Cash

 

$7,120

 

 

 

Accounts receivable

 

13,370

 

 

 

Supplies

 

6,030

 

 

 

Prepaid insurance

 

4,575

 

 

 

Land

 

106,900

 

 

 

Building

 

170,160

 

 

 

Accumulated depreciation—building

 

 

 

$ 17,780

 

Furniture

 

34,740

 

 

 

Accumulated depreciation—furniture

 

 

 

14,370

 

Accounts payable

 

 

 

8,310

 

Unearned revenue

 

 

 

20,825

 

Mortgage payable, due in 2016

 

 

 

126,000

 

Common shares

 

 

 

64,900

 

Retained earnings

 

 

 

46,650

 

Dividends

 

3,860

 

 

 

Rent revenue

 

 

 

204,515

 

Salaries expense

 

98,910

 

 

 

Utilities expense

 

27,750

 

 

 

Interest expense

 

9,300

 

 

 

Insurance expense

 

6,405

 

 

 

Advertising expense

 

2,990

 

 

 

Income tax expense

 

11,240

 

 

 

 

 

$503,350

 

$503,350

 

 

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