The following transactions took place in the business of Charley Barkley (a sole proprietor) during the month of May 2022
Transactions involving Assets, Liabilities & Capital Accounts
May 1: Charley Barkley started business with $100,000 in a Cash.
May 3: Purchase Equipment costing $45,000.
May 5: Bought Investments costing $3,000.
May 7: Received an 8% Loan from the Communal Credit Union of $15,000.
May 9: Bought Land and Building costing $60,000 for business use. Charley paid $10,000 and issued a Note Payable for the remainder.
May 11: Charley took $10,000 Cash out of the business for his own use.
May 13: Bought more Investments costing $1,200.
May 15: Charley purchased a Motor Vehicle costing $8,000 for business use.
May 17: Paid Note Payable $10,000.
May 19: Bought another Motor Vehicle costing $11,500 for business use.
Transactions involving Expense Accounts
May 21: Paid Rent expense $1,100.
May 23: Paid Salaries & Wages $2,300.
Transactions involving Revenues Accounts May 25: Received Rental Income $2,000 cash.
May 27: Received Commission Income $1,250.
