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Mason's Restaurant and Catering Is a Sole Proprietorship Owned by Michael

Question 161

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Mason's Restaurant and Catering is a sole proprietorship owned by Michael Mason.The business had the following transactions during the month of May.
May 1 Mason contributed $45,000\$ 45,000 cash in exchange for capital.
\quad \quad 5 Paid monthly rent on the restaurant equipment, $1,650\$ 1,650 .
\quad \quad 12 Purchased office supplies on account, $1,500\$ 1,500 .
\quad \quad 15 Borrowed $25,000\$ 25,000 from the bank for business use.
\quad \quad 26 Paid $30,000\$ 30,000 cash for a delivery van.
\quad \quad 28 Paid $1,500\$ 1,500 on account.
\quad \quad 29 The business received $1,600\$ 1,600 for catering services for a wedding on June 11 .
\quad \quad 31 Revenues earned during the month included $20,500\$ 20,500 cash and $14,500\$ 14,500 on account.
Received the May utility bill for $1,000\$ 1,000 . The amount is due on June 10 and will be paid 31 on that date.
\quad \quad 31 Paid employees' salaries $5,500\$ 5,500 ; restaurant rent $3,000\$ 3,000 and advertising for May $800\$ 800 .
\quad \quad Record a compound entry.
\quad \quad Received the bill for catering food and supplies used in May, $8,500\$ 8,500 .
\quad \quad 31 The bill is due on June 15 and will be paid on that date
\quad \quad 31 Michael Mason withdrew $6,000\$ 6,000 cash from the business for personal use. The business uses the following accounts: Cash; Accounts Receivable; Office Supplies; Delivery Van; Accounts Payable; Utilities Payable; Unearned Revenue; Notes Payable; Mason,Capital; Mason,Withdrawals; Service Revenue; Salaries Expense; Equipment Rent Expense; Restaurant Rent Expense; Utilities Expense; Catering Expense; and Advertising Expense.
Required: Journalize each transaction.Explanations are not needed.

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