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MCS,PHD
Argosy University/ Phoniex University/
Nov-2005 - Oct-2011
Professor
Phoniex University
Oct-2001 - Nov-2016
The following amounts appeared on the transactions worksheet of Snider Truck Rentals Corporation on May 1, 2015.
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The following transactions occurred during May:
a. Collected $5,000 cash for tool rental during the month
b. Paid $500 rent expense
c. Paid $1,500 cash to satisfy an account payable
d. Paid $600 for a one-year insurance policy effective May 1 (record the asset as prepaid expense)
e. Purchased used truck for $5,000 on credit
f. Paid the following expenses: advertizing, $300; salaries, $2,500; telephone, $150; truck operating, $550
g. Transferred the amount of May’s insurance ($50) to insurance expense
h. Estimated $200 of supplies to have been used during May
i. Issued additional share capital and received $1,000 cash
j. Paid $300 dividend in cash.
Required: Record the above transactions on a transactions worksheet and calculate the total of each column at the end of May.
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