Prepare journal entries for the following transactions that occurred during May. Omit exp
Prepare journal entries for the following transactions that occurred during May. Omit explanations.
May 2 Purchased supplies on account, $600.
10 Paid May salaries, $500.
15 Paid for supplies purchased on May 2.
21 Received telephone bill, to be paid later, $50.
99) Journalize the following transactions that occurred during September. Omit explanations.
Sep. 5S. Richman invested $4,000 cash and $100 of equipment into his new business.
10Paid three months' rent in advance, $1,500.
23Purchased equipment on account, $2,000.
24Billed client for services rendered, $1,000.
100) Discuss the concept of cross-referencing. Include in your discussion the benefits provided by cross-referencing.