Debra Crusher is a licensed CPA. During the first month of operations of her business (a sole proprietorship), the following events and transactions occurred. April 2 Invested $28,380 cash and equipment valued at $14,150 in the business. 2 Hired an administrative assistant at a salary of $301 per week payable monthly. 3 Purchased supplies on account $588. (Debit an asset account.) 7 Paid office rent of $706 for the month. 11 Completed a tax assignment and billed client $1,065 for services rendered. (Use Service Revenue account.) 12 Received $3,474 advance on a management consulting engagement. 17 Received cash of $2,365 for services completed for Ferengi Co. 21 Paid insurance expense $99. 30 Paid administrative assistant $1,204 for the month. 30 A count of supplies indicated that $101 of supplies had been used. 30 Purchased a new computer for $5,283 with personal funds. (The computer will be used exclusively for business purposes.) Journalize the transactions in the general journal. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Record journal entries in the order presented in the problem.)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Debra Crusher is a licensed CPA. During the first month of operations of her business (a sole proprietorship), the following events and transactions occurred.

April 2		Invested $28,380 cash and equipment valued at $14,150 in the business.
2		Hired an administrative assistant at a salary of $301 per week payable monthly.
3		Purchased supplies on account $588. (Debit an asset account.)
7		Paid office rent of $706 for the month.
11		Completed a tax assignment and billed client $1,065 for services rendered. (Use Service Revenue account.)
12		Received $3,474 advance on a management consulting engagement.
17		Received cash of $2,365 for services completed for Ferengi Co.
21		Paid insurance expense $99.
30		Paid administrative assistant $1,204 for the month.
30		A count of supplies indicated that $101 of supplies had been used.
30		Purchased a new computer for $5,283 with personal funds. (The computer will be used exclusively for business purposes.)

Journalize the transactions in the general journal. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Record journal entries in the order presented in the problem.)

Date

Account Titles and Explanation

Debit

Credit

choose a transaction date Apr. 2Apr. 3Apr. 7Apr. 11Apr. 12Apr. 17Apr. 21Apr. 30

enter an account title

enter a debit amount

enter a credit amount

enter an account title

enter a debit amount

enter a credit amount

enter an account title

enter a debit amount

enter a credit amount

choose a transaction date Apr. 2Apr. 3Apr. 7Apr. 11Apr. 12Apr. 17Apr. 21Apr. 30

enter an account title

enter a debit amount

enter a credit amount

enter an account title

enter a debit amount

enter a credit amount

choose a transaction date Apr. 2Apr. 3Apr. 7Apr. 11Apr. 12Apr. 17Apr. 21Apr. 30

enter an account title

enter a debit amount

enter a credit amount

enter an account title

enter a debit amount

enter a credit amount

choose a transaction date Apr. 2Apr. 3Apr. 7Apr. 11Apr. 12Apr. 17Apr. 21Apr. 30

enter an account title

enter a debit amount

enter a credit amount

enter an account title

enter a debit amount

enter a credit amount

choose a transaction date Apr. 2Apr. 3Apr. 7Apr. 11Apr. 12Apr. 17Apr. 21Apr. 30

enter an account title

enter a debit amount

enter a credit amount

enter an account title

enter a debit amount

enter a credit amount

choose a transaction date Apr. 2Apr. 3Apr. 7Apr. 11Apr. 12Apr. 17Apr. 21Apr. 30

enter an account title

enter a debit amount

enter a credit amount

enter an account title

enter a debit amount

enter a credit amount

choose a transaction date Apr. 2Apr. 3Apr. 7Apr. 11Apr. 12Apr. 17Apr. 21Apr. 30

enter an account title

enter a debit amount

enter a credit amount

enter an account title

enter a debit amount

enter a credit amount

choose a transaction date Apr. 2Apr. 3Apr. 7Apr. 11Apr. 12Apr. 17Apr. 21Apr. 30

enter an account title

enter a debit amount

enter a credit amount

enter an account title

enter a debit amount

enter a credit amount

choose a transaction date Apr. 2Apr. 3Apr. 7Apr. 11Apr. 12Apr. 17Apr. 21Apr. 30

enter an account title

enter a debit amount

enter a credit amount

enter an account title

enter a debit amount

enter a credit amount

choose a transaction date Apr. 2Apr. 3Apr. 7Apr. 11Apr. 12Apr. 17Apr. 21Apr. 30

enter an account title

enter a debit amount

enter a credit amount

enter an account title

enter a debit amount

enter a credit amount

choose a transaction date Apr. 2Apr. 3Apr. 7Apr. 11Apr. 12Apr. 17Apr. 21Apr. 30

enter an account title

enter a debit amount

enter a credit amount

enter an account title

enter a debit amount

enter a credit amount

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