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Q1. Complete Exercises (Transaction Analysis - Service Company) Beverly Crusher is licensed CPA. In the first month of operations of her business (a sole proprietorship), the events and transactions occurred given below.

April 2 Invested $32,000 cash and equipment valued at $14,000 in the business 
2 Hired a secretary-receptionist at a salary of $290 a week payable monthly 
3 Purchased supplies on an account $700. (Debit an asset account.) 
7 Paid office rent of $600 for the month 
11 Completed a tax assignment and billed client $1,100 for services they rendered. (Use Service Revenue account.)
12 Received $3,200 advance on a management consulting engagement. 
17 Received cash of $2,300 for services completed for Ferengi Co. 
21 Paid insurance expenses at $110. 
30 Paid secretary-receptionist $1,160 for the month. 
30 A count of supplies indicated that $120 of supplies had been used. 
30 Purchased a new computer for $6,100 with personal funds. (The computer will be used exclusively for business purposes.)

problem:

Journalize transactions in general journal.

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M921847

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