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Benito Mendez opened Mendez Appraisals. He rented office space and has a part-time secretary to answer the phone and make appraisal appointments. His chart of accounts is as follows Mendez's

Benito Mendez opened Mendez Appraisals. He rented office space and has a part-time secretary to answer the phone and make appraisal appointments. His chart of accounts is as follows:

Mendez's transactions for the first month of business are as follows:

May 1   Mendez invested cash in the business, $5,000.
2   Paid rent, $500.
3   Purchased office supplies, $100.
4   Purchased office equipment on account, $2,000.
5   Received cash for services rendered, $280.
8   Paid phone bill, $38.
9   Paid electric bill, $42.
10   Received cash for services rendered, $310.
13   Paid part-time employee, $500.
14   Paid car rental for out-of-town trip, $200.
15   Paid for newspaper ad, $30.
18   Received cash for services rendered, $620.
19   Paid mileage reimbursement for part-time employee's use of personal car for business deliveries (transportation expense), $22.
21   Mendez withdrew cash for personal use, $50.
23   Made payment on account for office equipment purchased earlier, $200.
24   Earned appraisal fee, which will be paid in a week, $500.
26   Paid for newspaper ad, $30.
27   Paid for local softball team sponsorship (miscellaneous expense), $15.
28   Paid part-time employee, $500.
29   Received cash on account, $250.
30   Received cash for services rendered, $280.
31   Paid cab fare (transportation expense), $13.

3. Post the transactions to the general ledger.

Aug 10 2021 View more View Less

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