1 Jenny Watson started her consulting business, Jenny Consulting, in 2020. During January 2021, Jenny Consulting had the 2 following transactions: January Received cash from clients for payment in advance for services to be provided in future, $1,000 Paid cash for advertisement expenses, $500 Paid total cash of $4,400 for salaries, including January salaries of $3,200 and $1,200 of salaries payable from December 20 Purchased supplies on account, $400 22 Received cash from clients on account, $2,800 25 Performed services on account and billed clients for services provided, $980 28 Received cash for services performed in January, $5,800 29 Jenny withdrew $2,000 from capital 30 Paid cash for telephone bill, $150 3 16 Required: 1. Record the January transactions in the general journal. Please include an explanation for each journal entry.
1 Jenny Watson started her consulting business, Jenny Consulting, in 2020. During January 2021, Jenny Consulting had the 2 following transactions: January Received cash from clients for payment in advance for services to be provided in future, $1,000 Paid cash for advertisement expenses, $500 Paid total cash of $4,400 for salaries, including January salaries of $3,200 and $1,200 of salaries payable from December 20 Purchased supplies on account, $400 22 Received cash from clients on account, $2,800 25 Performed services on account and billed clients for services provided, $980 28 Received cash for services performed in January, $5,800 29 Jenny withdrew $2,000 from capital 30 Paid cash for telephone bill, $150 3 16 Required: 1. Record the January transactions in the general journal. Please include an explanation for each journal entry.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
![1 Jenny Watson started her consulting business, Jenny Consulting, in 2020. During January 2021, Jenny Consulting had the
2 following transactions:
Received cash from clients for payment in advance for services to be provided in future, $1,000
Paid cash for advertisement expenses, $500
16 Paid total cash of $4,400 for salaries, including January salaries of $3,200 and $1,200 of salaries payable from December
20 Purchased supplies on account, $400
22 Received cash from clients on account, $2,800
4
January
6.
25 Performed services on account and billed clients for services provided, $980
28 Received cash for services performed in January, $5,800
29 Jenny withdrew $2,000 from capital
30 Paid cash for telephone bill, $150
4 Required: 1. Record the January transactions in the general journal. Please include an explanation for each journal entry.
2. Post the journal entries in the general ledger (for Part 1 only, no need for other Parts)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fc4c80470-d8b6-4bc1-bdeb-3dbfe216acb2%2F5d56026b-e208-4bea-950d-d9da8e8b9406%2F6oh7x6s_processed.jpeg&w=3840&q=75)
Transcribed Image Text:1 Jenny Watson started her consulting business, Jenny Consulting, in 2020. During January 2021, Jenny Consulting had the
2 following transactions:
Received cash from clients for payment in advance for services to be provided in future, $1,000
Paid cash for advertisement expenses, $500
16 Paid total cash of $4,400 for salaries, including January salaries of $3,200 and $1,200 of salaries payable from December
20 Purchased supplies on account, $400
22 Received cash from clients on account, $2,800
4
January
6.
25 Performed services on account and billed clients for services provided, $980
28 Received cash for services performed in January, $5,800
29 Jenny withdrew $2,000 from capital
30 Paid cash for telephone bill, $150
4 Required: 1. Record the January transactions in the general journal. Please include an explanation for each journal entry.
2. Post the journal entries in the general ledger (for Part 1 only, no need for other Parts)
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