Mason's Restaurant and Catering Had the Following Transactions During the Month

question 70

Essay

Mason's Restaurant and Catering had the following transactions during the month of May.
May 1 Mason contributed $\$ 45,000$ cash in exchange for common stock.
$\quad$ $\quad$ 5 Paid monthly rent on the restaurant equipment, $\$ 1,650$ .
$\quad$ $\quad$ 12 Purchased office supplies on account, $\$ 1,500$ .
$\quad$ $\quad$ 15 Borrowed $\$ 25,000$ from the bank for business use.
$\quad$ $\quad$ 26 Paid $\$ 30,000$ cash for a delivery van.
$\quad$ $\quad$ 28 Paid $\$ 1,500$ on account.
$\quad$ $\quad$ 29 The business received $\$ 1,600$ for catering services for a wedding on $\quad$ $\quad$ June 11 .
$\quad$ $\quad$ 31 Revenues earned during the month included $\$ 20,500$ cash and $\quad$ $\quad$ $\quad$$\$ 14,500$ on account.
$\quad$ $\quad$ 31 Received the May utility bill for $\$ 1,000$ . The amount is due on June $\quad$ $\quad$ 10 and will be paid on that date.
$\quad$ $\quad$ 31 Paid employees' salaries $\$ 5,500$ ; restaurant rent $\$ 3,000$ and $\quad$ $\quad$ $\quad$ advertising for May $\$ 800$ . Record a compound entry.
$\quad$ $\quad$ 31 Received the bill for catering food and supplies used in May, $\$ 8,500$ .
$\quad$ $\quad$ The bill is due on June 15 and will be paid on that date.
$\quad$ $\quad$ 31 Paid cash dividends of $\$ 6,000$ . The business uses the following accounts: Cash; Accounts Receivable; Office Supplies; Delivery Van; Accounts Payable; Utilities Payable; Unearned Revenue; Notes Payable; Common Stock; Dividends; 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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Definitions:

Core Temperature

The internal temperature of the body maintained within a narrow range, essential for the optimal functioning of vital organs.

Environmental Temperature

The measure of heat or cold in the surrounding environment, potentially affecting living conditions and health.

Circadian Rhythms

Physical, mental, and behavioral changes that follow a 24-hour cycle, responding primarily to light and darkness in an organism's environment.

Dysrhythmia

An abnormality in a physiological rhythm, especially in the pattern of electrical activity in the heart, leading to irregular heartbeat.