Harvey Spectre started Pearson & Co. , a company law firm on April 1, 2021. The following information regarding the company is available: On 1 April, Harvey Spectre invested $80,000 cash to start the company. ii. On April 2, Harvey Spectre hired a new secretary, who will be paid a salary of $500 per week, payable monthly. iii. On April 3, Pearson & Co. purchased insurance policy worth $450 in advance for the coming six months, paying the amount in cash. On April 6, Pearson & Co. purchased office supplies worth $5,000, on account. On the same day the company also purchased new equipment worth $7,500, paying $5,000 cash immediately and agreed to pay the remaining within 25 days. On April 10, Pearson & Co. received $4,000 from one of it’s clients for legal services that are expected to be completed in June 10. On April 12, Pearson & Co. paid the amount due for supplies that was purchased on account on April 6. vii. On April 15, Pearson & Co. received $8,100 for legal services provided to one of it’s regular clients. viii. On April 16, Harvey Spectre sent a bill worth $2,300 to it’s client, for services provided to the client. On April 17, supplies worth $3,000 was purchased. On April 19, Advertising expenses incurred and unpaid $500. On April 20, Pearson & Co. paid rent of $6,000 for it’s office, for the month of April. Page 1 of 5 xii. On April 26, Harvey Spectre paid his secretary salary for the month of April. xiii.On April 28, Pearson & Co. received money for the bill that was sent to it’s client on April 16. xiv. On April 29, Harvey Spectre withdrew $1,500 from the business for personal use. Requierd Journalise the above mentored transaction in the books of Pearson & Co.

Name: Harvey Spectre started Pearson & Co. , a company law firm on April 1,
Uploaded: 2024-03-04T10:43:15.000Z
Channel: Bartleby
Description: Harvey Spectre started Pearson & Co. , a company law firm on April 1, 2021. The following information regarding the company is available: On 1 April, Harvey Spectre invested $80,000 cash to start the company. ii. On April 2, Harvey Spectre hired a

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Concept explainers

Topic Video

Question

Harvey Spectre started Pearson & Co. , a company law firm on April 1, 2021. The following information regarding the company is available:
On 1 April, Harvey Spectre invested $80,000 cash to start the company. ii. On April 2, Harvey Spectre hired a new secretary, who will be paid a salary of $500 per week, payable monthly.

iii. On April 3, Pearson & Co. purchased insurance policy worth $450 in advance for the coming six months, paying the amount in cash.

On April 6, Pearson & Co. purchased office supplies worth $5,000, on account. On the same day the company also purchased new equipment worth $7,500, paying $5,000 cash immediately and agreed to pay the remaining within 25 days.
On April 10, Pearson & Co. received $4,000 from one of it’s clients for legal services that are expected to be completed in June 10.
On April 12, Pearson & Co. paid the amount due for supplies that was purchased on account on April 6.

vii. On April 15, Pearson & Co. received $8,100 for legal services provided to one of it’s regular clients.

viii. On April 16, Harvey Spectre sent a bill worth $2,300 to it’s client, for services provided to the client.

On April 17, supplies worth $3,000 was purchased.
On April 19, Advertising expenses incurred and unpaid $500.
On April 20, Pearson & Co. paid rent of $6,000 for it’s office, for the month of April. Page 1 of 5

xii. On April 26, Harvey Spectre paid his secretary salary for the month of April. xiii.On April 28, Pearson & Co. received money for the bill that was sent to it’s client on April 16. xiv. On April 29, Harvey Spectre withdrew $1,500 from the business for personal use.

Requierd

Journalise the above mentored transaction in the books of Pearson & Co.

Expert Solution

Step by step

Solved in 2 steps with 4 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions