The following information is provided for the first month of operations for Legal Services Inc.:A. The business was started by selling $103,000 worth of common stock.B. Six months' rent was paid in advance, $4,100.C. Provided services in the amount of $1,500. The customer will pay at a later date.D. An office worker was hired. The worker will be paid $277 per week.E. Received $520 in payment from the customer in "C".F. Purchased $300 worth of supplies on credit.G. Received the electricity bill. We will pay the $120 in thirty days.H. Paid the worker hired in "D" for one week's work.I. Received $130 from a customer for services we will provide next week.J. Dividends in the amount of $1,800 were distributed.Prepare the necessary journal entries to record these transactions. If no entry is required, select "No Entry Required" and leave the amount boxes blank. If an amount box does not require an entry, leave it blank.A.B.111 C.D.E.F.G.H.I.J.00 00

e following information is provided for the first month of operations for Legal Services Inc.: The business was started by selling $103,000 worth of common stock. Six months' rent was paid in advance, $4,100. Provided services in the amount of $1,500. The customer will pay at a later date. An office worker was hired. The worker will be paid $277 per week. Received $520 in payment from the customer in "C". Purchased $300 worth of supplies on credit. Received the electricity bill. We will pay the $120 in thirty days. Paid the worker hired in "D" for one week's work. Received $130 from a customer for services we will provide next week. Dividends in the amount of $1,800 were distributed. epare the necessary journal entries to record these transactions. If no entry is required, select "No Entry Required" and leave the amount boxes blank. If an amount box does not require an entry, leave it blank. .. 00 00 100 00

e following information is provided for the first month of operations for Legal Services Inc.: The business was started by selling $103,000 worth of common stock. Six months' rent was paid in advance, $4,100. Provided services in the amount of $1,500. The customer will pay at a later date. An office worker was hired. The worker will be paid $277 per week. Received $520 in payment from the customer in "C". Purchased $300 worth of supplies on credit. Received the electricity bill. We will pay the $120 in thirty days. Paid the worker hired in "D" for one week's work. Received $130 from a customer for services we will provide next week. Dividends in the amount of $1,800 were distributed. epare the necessary journal entries to record these transactions. If no entry is required, select "No Entry Required" and leave the amount boxes blank. If an amount box does not require an entry, leave it blank. .. 00 00 100 00

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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Journal entries?
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9
June, Ming Chen (the owner) completed these transactions. a. Owner invested $63,000 cash in the company along with equipment that had a $11,000 market value in exchange for it common stock. b. The company paid $1,200 cash for rent of office space for the month. c. The company purchased $11,000 of additional equipment on credit (payment due within 30 days). d. The company completed work for a client and immediately collected the $2,700 cash earned. e. The company completed work for a client and sent a bill for $7,400 to be received within 30 days. f. The company purchased additional equipment for $5,100 cash. g. The company paid an assistant $3,100 cash as wages for the month. h. The company collected $5,300 cash as a partial payment for the amount owed by the client in transaction e. i. The company paid $11,000 cash to settle the liability created in transaction c. j. The company paid $1,300 cash in dividends to the owner (sole shareholder). Required: Enter the impact of each…