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The May transactions of Indigo Corporation were as follows.
The May transactions of Indigo Corporation were as follows.May 4 Paid $880 due for supplies previously purchased on account.
7 Performed advisory services on account for $7,110.
8 Purchased supplies for $820 on account.
9 Purchased equipment for $2,480 in cash.
17 Paid employees $710 in cash.
22 Received bill for equipment repairs of $810.
29 Paid $1,220 for 12 months of insurance policy. Coverage begins June 1.
Journalize the transactions. (If no entry is required, select No Entry for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)
The May transactions of Indigo Corporation included paying a previously outstanding amount of $880 for supplies purchased onaccount,providing advisory services on account for $7,110, purchasing supplies on account for $820, purchasing equipment for $2,480 in cash, paying employees $710 in cash, receiving a bill for equipment repairs amounting to $810, and paying $1,220 for a 12-month insurance policy starting from June 1.The journal entries for the giventransactionsof Indigo Corporation in May would be as follows:May 4:Supplies Expense 880AccountsPayable 880May 7:Accounts Receivable 7,110Service Revenue 7,110May 8:Supplies 820Accounts Payable 820May 9:Equipment 2,480Cash 2,480May 17:Salaries andWages Expense710Cash 710May 22:EquipmentRepairs Expense 810Accounts Payable 810May 29:Prepaid Insurance 1,220Cash 1,220Note: It is assumed that no other accounts are affected by these transactions.To know more abouttransactionsrefer to-brainly.com/question/24730931#SPJ11...