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Granyard clockworks is a service company that repairs damaged watches and clocks. The company is owned by Maurice Granyard. Maurice is fully liable for all activities of the business. In the most recent month (May 2018), Granyard clockworks had the following transactions.
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Order Paper Now1.Maurice deposited $40,000 of additional cash into the business
2.Borrowed $15,000 in cash from the bank
3.Paid $3,500 cash for May’s rent
4.Paid $6,000 in salaries for May
5.Performed services and earned $18,000 in cash
6.Incurred telephone expenses of $500 (to be paid next month)
7.Performed services for a client for $3,000 on account
8.Prepaid insurance for one year in the amount of $11,000
9.Incurred maintenance expense of $1,000 (paid on account)
10.Maurice withdrew $5,000 from the business for personal use
11.Received $2,000 cash for repair services to be done in July
12.collected 80% of the $3,000 amount owing from a client for services performed earlier this month As at April 30, 2018, the ending account balances for Granyard clockworks were as follows.
|
cash |
$50,000 |
|
Accounts Receivable |
12,000 |
|
Prepaid Insurance |
800 |
|
Equipment |
40,000 |
|
Accounts Payable |
2,000 |
|
Notes Payable |
60,000 |
|
Granyard, capital |
40,800 |
required
a)complete the T-account worksheets for May 2018.