acc week 3
TRANSCRIPT
Recording Business Recording Business Transactions – Double Transactions – Double Entry Recording and Entry Recording and
Account Account
Week 3Week 3
In Your Textbook...In Your Textbook...
Roshayani Arshad, et al. (2007), Roshayani Arshad, et al. (2007), Financial Accounting An Financial Accounting An IntroductionIntroduction, 2, 2ndnd Edition, Malaysia, Edition, Malaysia, McGraw Hill.McGraw Hill.
Chapter 3: Accounting Equation and Chapter 3: Accounting Equation and Double Entry System (pp.27 – 38)Double Entry System (pp.27 – 38)
An AccountAn Account
A part of the accounting system A part of the accounting system used to classify and summarise the used to classify and summarise the increases, decreases and balances increases, decreases and balances of each asset, liability and owner’s of each asset, liability and owner’s equity.equity.
There is an account for each item There is an account for each item where it records or keeps account where it records or keeps account of every changes to a particular of every changes to a particular item.item.
Major Account ClassificationsMajor Account Classifications
AssetsAssets are are resources owned resources owned by the business.by the business.
AssetsAssets are are resources owned resources owned by the business.by the business.
LiabilitiesLiabilities are debts are debts owed to outsiders owed to outsiders
(creditors).(creditors).
LiabilitiesLiabilities are debts are debts owed to outsiders owed to outsiders
(creditors).(creditors).
CashSuppliesBuildingAccounts
receivable
Accounts payable
Notes payableWages payable
Major Account ClassificationsMajor Account Classifications
LiabilitiesLiabilities are debts are debts owed to outsiders owed to outsiders
(creditors).(creditors).
LiabilitiesLiabilities are debts are debts owed to outsiders owed to outsiders
(creditors).(creditors).
CashSuppliesBuildingAccounts
receivable
Accounts payable
Notes payableWages payable
AssetsAssets are are resources owned resources owned by the business.by the business.
AssetsAssets are are resources owned resources owned by the business.by the business.
Liabilities are often identified on the balance sheet by titles
that include payable.
Liabilities are often identified on the balance sheet by titles
that include payable.
Owner’s equity is the
owner’s right to the assets of the
business.
Owner’s equity is the
owner’s right to the assets of the
business.
RevenuesRevenues are are increases in increases in
owner’s equity as owner’s equity as a result of selling a result of selling
services or services or products.products.
RevenuesRevenues are are increases in increases in
owner’s equity as owner’s equity as a result of selling a result of selling
services or services or products.products.Chris, Capital
Chris, Drawing Fees EarnedFares EarnedCommission
Revenue
ExpensesExpenses are the are the using up of assets using up of assets or consuming of or consuming of
services to services to generate revenue.generate revenue.
ExpensesExpenses are the are the using up of assets using up of assets or consuming of or consuming of
services to services to generate revenue.generate revenue.
Rent ExpenseSalary ExpenseUtilities
Expense
Major Account ClassificationsMajor Account Classifications
To assist you in learning, an account can be drawn to resemble the letter T.
To assist you in learning, an account can be drawn to resemble the letter T.
The T-AccountThe T-AccountThe T-AccountThe T-Account
The T-account has a title.The T-account has a title.The T-account has a title.The T-account has a title.
Cash
The T-AccountThe T-AccountThe T-AccountThe T-Account
The left side of the account is theThe left side of the account is the debitdebit side.side.The left side of the account is theThe left side of the account is the debitdebit side.side.
Cash
Left side debit
The T-AccountThe T-AccountThe T-AccountThe T-Account
The right side of the account is the The right side of the account is the credit credit side.side.The right side of the account is the The right side of the account is the credit credit side.side.
Cash
Left side debit
Right side credit
Dr Title of Account Cr
Date Particulars Folio Amount
$
Date Particulars Folio Amount
$
The T-AccountThe T-AccountThe T-AccountThe T-Account
The T-AccountThe T-AccountThe T-AccountThe T-Account
CashJohn 3,750Interest 4,300Capital 2,900
Utilities 850Supplies 1,400Drawings 700Creditors 2,900
Typical entries
Balancing a T-AccountBalancing a T-AccountBalancing a T-AccountBalancing a T-Account
Cash3,7504,3002,900
8501,400
7002,90010,950
First, foot the debit
side.
First, foot the debit
side.
8501,400
7002,900
Cash3,7504,3002,900
10,9505,850
Next, foot thecredit side.
Next, foot thecredit side.
8501,400
7002,900
Cash3,7504,3002,900
10,9505,850
Subtract total credits from total debits to obtain the account
balance.
Subtract total credits from total debits to obtain the account
balance.
5,100
Balancing The T-AccountBalancing The T-AccountBalancing The T-AccountBalancing The T-Account
CashJohn 3,750Interest 4,300Capital 2,900
10,950Balance b/d 5,100
Utilities 850Supplies 1,400Drawings 700Creditors 2,900Balance c/d 5,100
10,950
Enter the balance amount as c/d at the end of period and b/d for the next
period.
Enter the balance amount as c/d at the end of period and b/d for the next
period.
Columnar FormatColumnar Format
Has an advantage over the T format in Has an advantage over the T format in that with every entry in the account, a that with every entry in the account, a new balance is created.new balance is created.
Title of Account
Date Particulars Folio Debit$
Credit$
Balance$
CASH
Date Particulars Folio Debit$
Credit$
Balance$
2/2
4/2
Revenue
Interest income
100
50
100
150
Asset AccountsAsset Accounts
Opening balances as entries on the left-Opening balances as entries on the left-hand side (debit entries).hand side (debit entries).
An An increaseincrease is recorded on the is recorded on the debitdebit side side while while decreasedecrease on the on the creditcredit side. side.
Dr Asset Account Cr
Balance b/d
Increase (+) Decrease (-)
Asset accounts will typically have debit balances.
Liability AccountsLiability Accounts
Opening balances as entries on the right-Opening balances as entries on the right-hand side (credit entries).hand side (credit entries).
IncreaseIncrease is recorded on the is recorded on the creditcredit side side while while decreasedecrease on the on the debitdebit side. side.
Dr Liability Account Cr
Balance b/d
Decrease (-) Increase (+)
Liability accounts will typically have credit balances.
Owner’s Equity AccountOwner’s Equity Account
Similar to liability accounts.Similar to liability accounts. IncreaseIncrease is recorded on the is recorded on the creditcredit side side
while while decreasedecrease on the on the debitdebit side. side.
Dr Owner’s Equity Account Cr
Balance b/d
Decrease (-) Increase (+)
OE accounts will typically have credit balances.
Debits Credits
Asset accounts………. Increase (+) Decrease (-)
Liability accounts…… Decrease (-) Increase (+)
Owner’s equity (capital) accounts…. Decrease (-) Increase (+)
Rules of Debit / Credit Balance Sheet Accounts
Credit for increases
(+)
Credit for increases
(+)
Credit for decreases
(-)
Debit for increases
(+)
Debit for decreases
(-)
Debit for decreases
(-)
ASSETSAsset Accounts
LIABILITIESLiability Accounts
Owner’s Equity AccountsOWNER’S EQUITY
Balance Sheet Accounts
Transactions and Accounts
(A)(A) On November 1, Chris brings in cash On November 1, Chris brings in cash RM25,000 to start a business in the RM25,000 to start a business in the name of NetSolutions.name of NetSolutions.
(A)(A) On November 1, Chris brings in cash On November 1, Chris brings in cash RM25,000 to start a business in the RM25,000 to start a business in the name of NetSolutions.name of NetSolutions.
Effects of this entry in the account
CashNov 1 Capital 25,000 Nov 1 Cash 25,000
Chris, Capital
Effects of this entry in the account
CashNov 1 25,000 Nov 5 Land 20,000
LandNov 5 Cash 20,000
(B)(B) On November 5, On November 5, NetSolutions bought land NetSolutions bought land for RM20,000, paying cash.for RM20,000, paying cash.
(B)(B) On November 5, On November 5, NetSolutions bought land NetSolutions bought land for RM20,000, paying cash.for RM20,000, paying cash.
(C)(C) On November 10, NetSolutions On November 10, NetSolutions purchased supplies on account purchased supplies on account for RM1,350.for RM1,350.
(C)(C) On November 10, NetSolutions On November 10, NetSolutions purchased supplies on account purchased supplies on account for RM1,350.for RM1,350.
Effects of this entry in the account
SuppliesNov 10 Acc. Payable 1,350
Accounts PayableNov 10 Supplies 1,350
CashNov. 1 25,000 Nov. 5 25,000
18 7,500 30 3,650
Effects of this entry in the accountAccounts Payable
Nov. 10 1,350Nov 30 Cash 950
30 Acc. Payable 950
(F)(F) On November 30, NetSolutions On November 30, NetSolutions paid creditors on account, RM950.paid creditors on account, RM950.
(F)(F) On November 30, NetSolutions On November 30, NetSolutions paid creditors on account, RM950.paid creditors on account, RM950.
In every entry the sum of the debits always equal the sum of the credits.
In every entry the sum of the debits always equal the sum of the credits.
Double-Entry AccountingDouble-Entry AccountingDouble-Entry AccountingDouble-Entry Accounting
“ Double-entry accounting is based on a simple concept: each party in a business transaction will receive something and give something in return. In bookkeeping terms, what is received is recorded on one side and what is given is on the other side. The T account is a representation of a scale of balance.”
Luca PacioliDeveloper ofDouble-EntryAccounting
Scale of Balance
Receive Give
T account
Receive Give
Take A Break!Take A Break!
Lecture Exercise 1Lecture Exercise 1Record the following transactions in the T account.Record the following transactions in the T account.
Jan 1Jan 1 Began business by investing RM50,000 cash. 3 3 Purchased RM2,300 for office supplies on credit.. 10 10
Owner brought in office equipment for business use which values RM5,000.
11 11 Paid RM1,500 for the supplies purchased on 3 January.
20 20 Paid RM3,000 to purchase new office furniture. 29 29
The remaining balance for supplies purchased on 3 January was paid.
3030The bank has approved a loan to the business for RM100,000.
CapitalJan 1 50,000
CASH
CashJan 1 50,000
CAPITAL
BACK
A/C PayableJan 3 2,300
OFFICE SUPPLIES
Office Supplies
Jan 3 2,300
ACCOUNT PAYABLE
BACK
CapitalJan 10 5,000
OFFICE EQUIPMENT
Office Equipment
Jan 10
5,000
CAPITAL
CashJan 1 50,000
BACK
CashJan 11
1,500
ACCOUNTS PAYABLE
A/C Payable
Jan 11
1,500
CASH
Office Supplies
Jan 3 2,300
CapitalJan 1 50,000
BACK
CashJan 20
3,000
OFFICE FURNITURE
A/C Payable
Jan 11
1,500
CASH
CapitalJan 1 50,000
Office Furniture
Jan 20
3,000
BACK
CashJan 11
1,500
ACCOUNTS PAYABLE
Office Supplies
Jan 3 2,300
A/C Payable
Jan 11
1,500
CASH
CapitalJan 1 50,000
Office Furniture
Jan 20
3,000
CashJan 29
800
A/C Payable
Jan 29
800
BACK
Bank Loan
Jan 30
100,000
BANK
BankJan 30
100,000
BANK LOAN
A/C Payable
Jan 11
1,500
CASH
CapitalJan 1 50,000
Office Furniture
Jan 20
3,000
A/C Payable
Jan 29
800
Balance c/d
Jan 31
44,700
Balance b/d
Feb 1 44,700
50,000 50,000
Office Equipment
Jan 10 5,000
CAPITAL
CashJan 1 50,000
55,000 55,000
Balance c/d
Jan 31
55,000
Balance b/d
Feb 1 55,000
A/C PayableJan 3 2,300
OFFICE SUPPLIES
2,300 2,300
Balance c/d
Jan 31
2,300
Balance b/d
Feb 1 2,300
CashJan 11
1,500
ACCOUNTS PAYABLE
Office Supplies
Jan 3 2,300
CashJan 29
800
2,300 2,300
CapitalJan 10 5,000
OFFICE EQUIPMENT
5,000 5,000
Balance c/d
Jan 31
5,000
Balance b/d
Feb 1 5,000
CashJan 20
3,000
OFFICE FURNITURE
3,000 3,000
Balance c/d
Jan 31
3,000
Balance b/d
Feb 1 3,000
Bank Loan
Jan 30
100,000
BANK
BankJan 30
100,000
BANK LOAN
100,000
Balance b/d
Feb 1 100,000
100,000
Balance b/d
Feb 1 100,000
100,000
100,000
Balance c/d
Jan 31 100,000
Balance c/d
Jan 31 100,000
Revenue AccountsRevenue Accounts Revenue items generate profit that Revenue items generate profit that
belongs to the owner and which will belongs to the owner and which will increase the owner’s equity.increase the owner’s equity.
Increases are recorded as credits and Increases are recorded as credits and decreases as debits.decreases as debits.
Dr Revenue Account Cr
Decrease (-) Increase (+)
Expenses AccountsExpenses Accounts
Expenses include all items incurred in the process Expenses include all items incurred in the process of generating revenue.of generating revenue.
Such as: rent, transport, insurance, advertising Such as: rent, transport, insurance, advertising and wages.and wages.
Increase in expense recorded as debit entries. A Increase in expense recorded as debit entries. A reduction in expenses is recorded as credits.reduction in expenses is recorded as credits.
Dr Expenses Account Cr
Increase (+) Decrease (-)
Credit for increases
(+)
Credit for decreases
(-)
Debit for increases
(+)
Debit for decreases
(-)
Expense Accounts Revenue Accounts
Rules of Debit / Credit Income Statement Accounts
Debits Credits
Revenue accounts…… Decrease (-) Increase (+)
Expense accounts…… Increase (+) Decrease (-)
Income Statement Accounts
Effects of this entry in the account.
CashNov. 1 25,000 Nov. 5 25,000
Fees EarnedNov 18 Cash 7,500
18 Fees 7,500
(D)(D) On November 18, NetSolutions On November 18, NetSolutions received fees of RM7,500 from received fees of RM7,500 from customers for services provided .customers for services provided .
(D)(D) On November 18, NetSolutions On November 18, NetSolutions received fees of RM7,500 from received fees of RM7,500 from customers for services provided .customers for services provided .
Effects of this entry in the account.Cash
Nov. 1 25,000 Nov. 5 25,000Wages Expense
Nov 30 Cash 2,12518 7,500
Rent ExpenseNov 30 Cash 800
Utilities ExpenseNov 30 Cash 450
Miscellaneous ExpenseNov 30 Cash 275
30 3,650
(E)(E) Throughout the month, NetSolutions Throughout the month, NetSolutions incurred the following expenses: wages, incurred the following expenses: wages, RM2,125; rent, RM800; utilities, RM450; RM2,125; rent, RM800; utilities, RM450; and miscellaneous, RM275 .and miscellaneous, RM275 .
(E)(E) Throughout the month, NetSolutions Throughout the month, NetSolutions incurred the following expenses: wages, incurred the following expenses: wages, RM2,125; rent, RM800; utilities, RM450; RM2,125; rent, RM800; utilities, RM450; and miscellaneous, RM275 .and miscellaneous, RM275 .
Returns Inwards Account / Returns Inwards Account / Sales Returns AccountSales Returns Account
A customer may return goods sold to him A customer may return goods sold to him because they are defective, damaged, because they are defective, damaged, unsatisfactory, of the wrong brand or unsatisfactory, of the wrong brand or specification.specification.
Effect: reduce in the amount of revenue Effect: reduce in the amount of revenue earned by the business.earned by the business.
For better control and a clearer record of For better control and a clearer record of sales, a separate Return Inwards Account sales, a separate Return Inwards Account is opened and debited.is opened and debited.
Example: Example: 12 Jul 2005 Sold goods on credit to Chen for $4,000.
20 Jul 200520 Jul 2005 Chen returns defective goods worth $500. Chen returns defective goods worth $500.
Dr Chen (Debtor) Cr
Jul 12 Sales 4,000 Jul 20 Return Inwards 500
Dr Sales Account Cr
Jul 12 Chen 4,000
Dr Return Inwards Account Cr
Jul 20 Chen 500
Returns Outwards Account / Returns Outwards Account / Purchases Returns AccountPurchases Returns Account
A trader may return goods to his supplier A trader may return goods to his supplier for similar reasons as returns inwards.for similar reasons as returns inwards.
Any purchases that are returned are Any purchases that are returned are treated as decrease in expenses and are treated as decrease in expenses and are credited to a Returns Outwards Account credited to a Returns Outwards Account or Purchases Returns Account.or Purchases Returns Account.
Example: Example: 19 Nov19 Nov Trader returned goods previously Trader returned goods previously bought on credit worth RM250 to Li Brothers, his bought on credit worth RM250 to Li Brothers, his supplier, because they were of the wrong brand.supplier, because they were of the wrong brand.
Dr Li Brothers (Creditor) Cr
Nov 19 Returns Outwards 250
Dr Returns Outwards Account Cr
Nov 19 Li Brothers 250
Feb 1Feb 1Paris started her salon business with self cash capital of RM25,000 and furniture cost RM20,000.
1Bought some beauty supplies from Kent Bhd at cost RM3,000 on account..
1Paid one month rental of RM1,000 for the shop. 2Paid for advertising cost amounting to RM1,200..
15The salon started to serve many customers and generate revenues amounting RM3,100 cash and RM5,000 on credit.
24Billed the Royal Dance Club for services rendered by the salon for RM2,200. No payment received yet..
26A credit note was sent for over-charging a customer on account amounting RM500.
28Paid salaries for the month, RM10,000. 28Paid Kent Bhd the full amount owed.
Lecture Exercise 2Lecture Exercise 2Record the following transactions in the T account.Record the following transactions in the T account.
CapitalFeb 1 25,000
CASH
Shop rental expenses
Feb 1 1,000
Advertising expenses
Feb 2 1,200
RevenueFeb 15 3,100
Salary expenses
Feb 28
10,000
A/C Payable
Feb 28
3,000
28,100 28,100
Balance c/d
Feb 28
12,900
Balance b/d
Mar 1 12,900
20,000
FURNITURE
CapitalFeb 1 20,000
20,000
Balance c/d
Feb 28
20,000
CashFeb 1 25,000
CAPITAL
FurnitureFeb 1 20,000
45,00045,000
Balance c/d
Feb 28
45,000
Balance b/d
Mar 1 20,000
Balance b/d
Mar 1 45,000
A/C PayableFeb 1 3,000
BEAUTY SUPPLIES
Beauty Supplies
Feb 1 3,000
ACCOUNT PAYABLE -- KENT
CashFeb 28
3,000
3,0003,000
3,0003,000
Balance c/d
Feb 28
3,000
Balance b/d
Mar 1 3,000
Balance c/d
Feb 28
1,000
Balance b/d
Mar 1 1,000
CashFeb 1 1,000
SHOP RENTAL EXPENSES
CashFeb 2 1,200
ADVERTISING EXPENSES
1,0001,000
1,2001,200
Balance c/d
Feb 28
1,200
Balance b/d
Mar 1 1,200
10,30010,300
Balance c/d
Feb 28
10,300
RevenueFeb 15 5,000
ACCOUNT RECEIVABLE
Return Inwards
Feb 26 500
RevenueFeb 24 2,200
7,200 7,200
Balance c/d
Feb 28
6,700
Balance b/d
Mar 1 6,700
Balance b/d
Mar 1 10,300
A/C Receivable
Feb 24 2,200
Feb 15 A/C Receivable
5,000
CashFeb 1 3,100
REVENUE
RETURN INWARDS
Account Receivable
Feb 26 500
CashFeb 28
10,000
SALARY EXPENSES
500500
10,00010,000
Balance c/d
Feb 28
10,000
Balance c/d
Feb 28
500
Balance b/d
Mar 1 500
Balance b/d
Mar 110,000
Withdrawals by the Owner
Withdrawals by the Owner
30 95030 Drawings 2,000
CashNov. 1 25,000 Nov. 5 25,000
18 7,500 30 3,650
Effects of this entry in the LedgerChris, Drawing
Nov. 10 1,350Nov 30 Cash 2,000
(G)(G) On November 30, Chris withdrew On November 30, Chris withdrew RM2,000 in cash from NetSolutions RM2,000 in cash from NetSolutions for personal use.for personal use.
(G)(G) On November 30, Chris withdrew On November 30, Chris withdrew RM2,000 in cash from NetSolutions RM2,000 in cash from NetSolutions for personal use.for personal use.
Increase(Normal Balances) Decreases
Balance sheet accounts:AssetDebit CreditLiability Credit DebitOwner’s Equity:
Capital Credit DebitDrawing Debit Credit
Income statement accounts:Revenue Credit DebitExpense Debit Credit
Normal Balances of Accounts
Flow of Business TransactionsFlow of Business TransactionsFlow of Business TransactionsFlow of Business Transactions
1 Transaction authorized 2 Transaction
takes place 3 Document prepared
4Entry recorded in journal 5
Entry posted to ledger
Lecture Exercise 3Lecture Exercise 3The account balances as at the end of April 06 for The account balances as at the end of April 06 for
Sean Enterprise are as follows:Sean Enterprise are as follows:
AccountsAccounts RMRM
CashCash 48,50048,500
Accounts ReceivableAccounts Receivable 76,70076,700
StockStock 750750
Accounts PayableAccounts Payable 26,00026,000
Sean, CapitalSean, Capital 113,050113,050
Sean, DrawingSean, Drawing 19,50019,500
CASHCASH
Balance b/d
May 1 48,500
ACCOUNTS RECEIVABLE
Balance b/d
May 1 76,700
STOCK
Balance b/d
May 1 750
ACCOUNTS PAYABLE
Balance b/d
May 1 26,000
SEAN, CAPITAL
Balance b/d
May 1 113,050
SEAN, DRAWING
Balance b/d
May 1 19,500
May 1Purchase goods on account RM1,700.
3Received cash from clients on account, RM67,900.
5Paid insurance premiums for May, RM350.
11Returned a portion of the goods purchased on 1 May. The cost was RM500.
15Paid advertising expense, RM3,800.
17Paid creditors, RM14,800.
21Paid monthly office rent, RM4,500
23 Recorded sales made during the month RM91,900.23 Recorded sales made during the month RM91,900.
2727 Withdrew cash for personal use, RM4,500.Withdrew cash for personal use, RM4,500.
31 31 Paid salaries and commissions for the month, Paid salaries and commissions for the month, RM61,200.RM61,200.
Lecture Exercise 3Lecture Exercise 3Record the opening balances and the following Record the opening balances and the following
transactions in the T account of Sean Enterprise.transactions in the T account of Sean Enterprise.
STOCK
Balance b/d
May 1 750
ACCOUNTS PAYABLE
Balance b/d
May 1 26,000
A/C Payable
May 1 1,700
StockMay 1 1,700
Back
CASH
Balance b/d
May 1 48,500
ACCOUNTS RECEIVABLE
Balance b/d
May 1 76,700
A/C Receivable
May 3 67,900
CashMay 3 67,900
Back
CashMay 5
350
INSURANCE EXPENSES
CASH
Balance b/d
May 1 48,500
A/C Receivable
May 3 67,900
Insurance expenses
May 5 350
Back
ACCOUNTS PAYABLE
Balance b/d
May 1 26,000
StockMay 1 1,700
A/C Payable
May 11 500
RETURN OUTWARDS
Return Outwards
May 11 500
Back
CashMay 15 3,800
ADVERTISING EXPENSES
CASH
Balance b/d
May 1 48,500
A/C Receivable
May 3 67,900
Insurance expenses
May 5 350
Advertising expenses
May 15 3,800
Back
CASH
Balance b/d
May 1 48,500
A/C Receivable
May 3 67,900
Insurance expenses
May 5 350
Advertising expenses
May 15 3,800
ACCOUNTS PAYABLE
Balance b/d
May 1 26,000
StockMay 1 1,700
Return Outwards
May 11 500
A/C PayableMay 17 14,800
CashMay 17 14,800
Back
CASH
Balance b/d
May 1 48,500
A/C Receivable
May 3 67,900
Insurance expenses
May 5 350
Advertising expenses
May 15 3,800
A/C PayableMay 17 14,800
CashMay 21 4,500
OFFICE RENT EXPENSES
Rent expenses
May 21 4,500
Back
ACCOUNTS RECEIVABLE
Balance b/d
May 1 76,700 CashMay 3 67,900
SALES
A/C Receivable
May 23 91,900
SalesMay 23 91,900
Back
SEAN, DRAWING
Balance b/d
May 1 19,500
CASH
Balance b/d
May 1 48,500
A/C Receivable
May 3 67,900
Insurance expenses
May 5 350
Advertising expenses
May 15 3,800
A/C PayableMay 17 14,800
Rent expenses
May 21 4,500
DrawingMay 27 4,500
CashMay 27 4,500Back
CashMay 31 61,200
SALARIES AND COMMISSION EXPENSES
CASH
Balance b/d
May 1 48,500
A/C Receivable
May 3 67,900
Insurance expenses
May 5 350
Advertising expenses
May 15 3,800
A/C PayableMay 17 14,800
Rent expenses
May 21 4,500
DrawingMay 27 4,500
Salaries & Commissions
May 31 61,200
Back