E3.1B ACCOUNT DEBIT CREDIT E3.1B (L0 2) (Transaction Analysis—Service Company) Brown is a licensed CPA. During the first month of operations of 2-Apr CASH 73600 her business (a sole proprietorship), the following events and transactions occurred: EQUIPMENT 32200 April 2 Invested $73,600 cash and equipment valued at $32,200 in the business. OWNER'S CAPITAL 105800 2 Hired a secretary-receptionist at a salary of $667 per week, payable monthly. 3 Purchased supplies on account $1,610. (Debit an asset account.) 3 SUPPLIES 1610 7 Paid office rent of $1,380 for the month. ACCOUNTS PAYABLE 1610 11 Completed a tax assignment and billed client $2,530 for services rendered. (Use Service Revenue account.) 12 Received $7,360 advance on a management consulting engagement. 7 RENT EXPENSE 1380 17 Received cash of $5,290 for services completed for Calunga Co. CASH 1380 21 Paid insurance expense $253. 30 Paid secretary-receptionist $2,668 for the month. 11 ACCOUNTS RECEIVABLE 2530 30 A count of supplies indicated that $276 of supplies had been used. SERVICE REVENUE 2530 30 Purchased a new comp uter for $14,030 with personal funds. (The computer will be used exclusively for business purposes.) Instructions 12 CASH 7360 Journalize the transactions in the general journal UNEARNED SERVICE REVENUE 7360
E3.1B ACCOUNT DEBIT CREDIT E3.1B (L0 2) (Transaction Analysis—Service Company) Brown is a licensed CPA. During the first month of operations of 2-Apr CASH 73600 her business (a sole proprietorship), the following events and transactions occurred: EQUIPMENT 32200 April 2 Invested $73,600 cash and equipment valued at $32,200 in the business. OWNER'S CAPITAL 105800 2 Hired a secretary-receptionist at a salary of $667 per week, payable monthly. 3 Purchased supplies on account $1,610. (Debit an asset account.) 3 SUPPLIES 1610 7 Paid office rent of $1,380 for the month. ACCOUNTS PAYABLE 1610 11 Completed a tax assignment and billed client $2,530 for services rendered. (Use Service Revenue account.) 12 Received $7,360 advance on a management consulting engagement. 7 RENT EXPENSE 1380 17 Received cash of $5,290 for services completed for Calunga Co. CASH 1380 21 Paid insurance expense $253. 30 Paid secretary-receptionist $2,668 for the month. 11 ACCOUNTS RECEIVABLE 2530 30 A count of supplies indicated that $276 of supplies had been used. SERVICE REVENUE 2530 30 Purchased a new comp uter for $14,030 with personal funds. (The computer will be used exclusively for business purposes.) Instructions 12 CASH 7360 Journalize the transactions in the general journal UNEARNED SERVICE REVENUE 7360
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
| E3.1B | |||||||||||||||||||
| ACCOUNT | DEBIT | CREDIT | E3.1B (L0 2) (Transaction Analysis—Service Company) Brown is a licensed CPA. During the first month of operations of | ||||||||||||||||
| 2-Apr | CASH | 73600 | her business (a sole proprietorship), the following events and transactions occurred: | ||||||||||||||||
| EQUIPMENT | 32200 | April 2 Invested $73,600 cash and equipment valued at $32,200 in the business. | |||||||||||||||||
| OWNER'S CAPITAL | 105800 | 2 Hired a secretary-receptionist at a salary of $667 per week, payable monthly. | |||||||||||||||||
| 3 Purchased supplies on account $1,610. (Debit an asset account.) | |||||||||||||||||||
| 3 | SUPPLIES | 1610 | 7 Paid office rent of $1,380 for the month. | ||||||||||||||||
| ACCOUNTS PAYABLE | 1610 | 11 Completed a tax assignment and billed client $2,530 for services rendered. (Use Service Revenue account.) | |||||||||||||||||
| 12 Received $7,360 advance on a management consulting engagement. | |||||||||||||||||||
| 7 | RENT EXPENSE | 1380 | 17 Received cash of $5,290 for services completed for Calunga Co. | ||||||||||||||||
| CASH | 1380 | 21 Paid insurance expense $253. | |||||||||||||||||
| 30 Paid secretary-receptionist $2,668 for the month. | |||||||||||||||||||
| 11 | 2530 | 30 A count of supplies indicated that $276 of supplies had been used. | |||||||||||||||||
| SERVICE REVENUE | 2530 | 30 Purchased a new comp uter for $14,030 with personal funds. (The computer will be used exclusively for business purposes.) | |||||||||||||||||
| Instructions | |||||||||||||||||||
| 12 | CASH | 7360 | Journalize the transactions in the general journal | ||||||||||||||||
| UNEARNED SERVICE REVENUE | 7360 |
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