2-May Cash 1,200,000.
00
Fabio, Capital 1,200,000.00
To record owner's investment
4-May Purchases 500,000.00
Account Payable 50,000.00
To record puchase from sun 2/10,2/30
5-May Office Supplies 50,000.00
Cash 50,000.00
To record purchase of office supplies
6-May Equipment 90,000.00
Cash 90,000.00
To record acquisition of equipment
7-May Account Receiveble 550,000.00
Sales 550,000.00
To record sales on account
9-May Freight out 17,000.00
Cash 17,000.00
To record payment of freight of merchandise sold
10-May Accounts Payable 8,000.00
Purchases Return and Allowances 8,000.00
To record return of defective merchandise purchased
11-May Cash 539,000.00
Sales Discount 11,000.00
Accounts Receivable 550,000.00
To record collection of May 7 receivable
12-May Accounts Payable 492,000.00
Cash 482,160.00
Purchase Discount 9,840.00
To record full payment of purchase on May 04
13-May Purchases 400,000.00
Cash 400,000.00
To record purchase of merchandise
15-May Salaries Expense 50,000.00
Cash 50,000.00
To record the payment of staff's salaries
16-May Cash 15,000.00
Purchase Return and Allowances 15,000.00
To record refund on return of defective merchandise purchased
17-May Cash 900,000.00
Notes Payable 900,000.00
To record borrowed money from bank
18-May Advertising Expense 4,000.00
Cash 4,000.00
To record payment of advertising
19-Mar Purchases 350,000.00
Accouns Payable 350,000.00
To record goods purchases of Star Co. 3/10,n/30
21-May Freight in 10,000.00
Cash 10,000.00
To record payment of freight on goods purchases
22-May Rent Expense 50,000.00
Cash 50,000.00
To record payment of rent
23-May Cash 400,000.00
Sales 400,000.00
To record sold merchandise
24-May Purchases 250,000.00
Cash 250,000.00
To record purchased of merchandise
25-May Accounts Payable 150,000.00
Cash 150,000.00
To record payment of Star Co., no discount
26-May Utilities Expense 27,000.00
Cash 27,000.00
To record payment of utilities expense
27-May Fabio, Drawing 50,000.00
Cash 50,000.00
To record ownner's drawing from the business
28-May Sales return and Allowances 20,000.00
Cash 20,000.00
to record refund given to cash customer
29-May Accounts Receivable 200,000.00
Sales 200,000.00
To record good sold on account term n/30
31-May Salaries Expenses 50,000.00
Cash 50,000.00
To record payment of staff's salaries
