Journal Transactions
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5. (10 pts) Record the following transactions of the May Corporation in journal entry form. Be certain to include the appropriate date and account names; explanations can be omitted.
a. On January 12, May issued 10,000 shares of its capital stock for $25,000 cash.
b. On January 17, May purchased inventory on account from Gray Company for $13,400.
c. On January 23, May paid half of the amount owed from the January 17 transaction.
d. On January 27, May collected $2,700 from customers on account.
e. On January 31, May purchased equipment, paying $19,000 cash and issuing a note payable of $3,000 for the balance.
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5. (10 pts) Record the following transactions of the May Corporation in journal entry form. Be certain to include the appropriate date and account names; explanations ...
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