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Answer :
Main Answer:
To record the transactions for Pete Miller's painting business in May, journal entries must be prepared.
Explanation:
In accounting, journal entries are used to record the financial transactions of a business. For Pete Miller's painting business, each transaction needs to be accurately documented in the journal.
For example, if Pete purchases painting supplies for $500, the journal entry would debit (increase) the Supplies account by $500 and credit (decrease) the Cash account by $500.
Similarly, if Pete receives $1,000 from a customer for painting services rendered, the journal entry would debit Cash by $1,000 and credit Service Revenue by $1,000.
By properly recording these transactions, Pete can track his business's financial activities and ensure accurate reporting for financial statements and tax purposes.
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