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Jasmine is a licensed CPA. During the first month of operations of her business (a sole proprietorship), the following transactions occurred: August 1. Invested $40,000 cash and equipment valued at $20,000 in the business 2. Purchased supplies on account for $2,400. 3. Paid office rent $3,600 for a year. 5. Completed an audit of financial statements and invoiced a client $5,000. 10. Received $4,500 advance payment for a tax assignment. 11. Purchased supplies for $1,200 paying cash. 15. Paid electricity bills for the month $600 (use utility expense). 16. Completed a tax assignment for which money had been received on August 10. 17. Paid water bill for the month $800 cash (use utility expense). 20. Paid insurance for the month $1,900. 22. Received $2,500 from a client who had received services but had not paid. 24. Paid creditors who had supplied on account $1,200 25. Performed services to clients who immediately paid cash of $4,800. 26. Received $7,600 for a consulting assignment to be performed in October. 28. Bought a computer for the business for $2,000 using personal funds. 29. Purchased a vehicle $20,000 for the business. Did not pay cash but issued a note. 30. Withdrew $3,000 cash from the business for personal use (Do not use a drawings account). 31. Paid administrative assistant $4,200 wages for the month. 1 Choose appropriate accounts that you believe Jasmine has in her business chart of accounts and do the following: a. Enter the transactions into a general journal. b. Make postings into the general ledger. c. Prepare a trial balance at the end of the month on August 31. Use Excel to complete this homework and upload onto Canvas.

Jasmine is a licensed CPA. During the first month of operations of her business (a sole proprietorship), the following transactions occurred: August 1. Invested $40,000 cash and equipment valued at $20,000 in the business 2. Purchased supplies on account for $2,400. 3. Paid office rent $3,600 for a year. 5. Completed an audit of financial statements and invoiced a client $5,000. 10. Received $4,500 advance payment for a tax assignment. 11. Purchased supplies for $1,200 paying cash. 15. Paid electricity bills for the month $600 (use utility expense). 16. Completed a tax assignment for which money had been received on August 10. 17. Paid water bill for the month $800 cash (use utility expense). 20. Paid insurance for the month $1,900. 22. Received $2,500 from a client who had received services but had not paid. 24. Paid creditors who had supplied on account $1,200 25. Performed services to clients who immediately paid cash of $4,800. 26. Received $7,600 for a consulting assignment to be performed in October. 28. Bought a computer for the business for $2,000 using personal funds. 29. Purchased a vehicle $20,000 for the business. Did not pay cash but issued a note. 30. Withdrew $3,000 cash from the business for personal use (Do not use a drawings account). 31. Paid administrative assistant $4,200 wages for the month. 1 Choose appropriate accounts that you believe Jasmine has in her business chart of accounts and do the following: a. Enter the transactions into a general journal. b. Make postings into the general ledger. c. Prepare a trial balance at the end of the month on August 31. Use Excel to complete this homework and upload onto Canvas.

Principles of Accounting Volume 1
Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter8: Fraud, Internal Controls, And Cash
Section: Chapter Questions
Problem 5PA: Inner Resources Company started its business on April 1, 2019. The following transactions occurred...
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Jasmine is a licensed CPA. During the first month of operations of her business (a sole proprietorship), the following transactions occurred: August 1. Invested $40,000 cash and equipment valued at $20,000 in the business 2. Purchased supplies on account for $2,400. 3. Paid office rent $3,600 for a year. 5. Completed an audit of financial statements and invoiced a client $5,000. 10. Received $4,500 advance payment for a tax assignment. 11. Purchased supplies for $1,200 paying cash. 15. Paid electricity bills for the month $600 (use utility expense). 16. Completed a tax assignment for which money had been received on August 10. 17. Paid water bill for the month $800 cash (use utility expense). 20. Paid insurance for the month $1,900. 22. Received $2,500 from a client who had received services but had not paid. 24. Paid creditors who had supplied on account $1,200 25. Performed services to clients who immediately paid cash of $4,800. 26. Received $7,600 for a consulting assignment to be performed in October. 28. Bought a computer for the business for $2,000 using personal funds. 29. Purchased a vehicle $20,000 for the business. Did not pay cash but issued a note. 30. Withdrew $3,000 cash from the business for personal use (Do not use a drawings account). 31. Paid administrative assistant $4,200 wages for the month. 1 Choose appropriate accounts that you believe Jasmine has in her business chart of accounts and do the following: a. Enter the transactions into a general journal. b. Make postings into the general ledger. c. Prepare a trial balance at the end of the month on August 31. Use Excel to complete this homework and upload onto Canvas.
Transcribed Image Text:Jasmine is a licensed CPA. During the first month of operations of her business (a sole proprietorship), the following transactions occurred: August 1. Invested $40,000 cash and equipment valued at $20,000 in the business 2. Purchased supplies on account for $2,400. 3. Paid office rent $3,600 for a year. 5. Completed an audit of financial statements and invoiced a client $5,000. 10. Received $4,500 advance payment for a tax assignment. 11. Purchased supplies for $1,200 paying cash. 15. Paid electricity bills for the month $600 (use utility expense). 16. Completed a tax assignment for which money had been received on August 10. 17. Paid water bill for the month $800 cash (use utility expense). 20. Paid insurance for the month $1,900. 22. Received $2,500 from a client who had received services but had not paid. 24. Paid creditors who had supplied on account $1,200 25. Performed services to clients who immediately paid cash of $4,800. 26. Received $7,600 for a consulting assignment to be performed in October. 28. Bought a computer for the business for $2,000 using personal funds. 29. Purchased a vehicle $20,000 for the business. Did not pay cash but issued a note. 30. Withdrew $3,000 cash from the business for personal use (Do not use a drawings account). 31. Paid administrative assistant $4,200 wages for the month. 1 Choose appropriate accounts that you believe Jasmine has in her business chart of accounts and do the following: a. Enter the transactions into a general journal. b. Make postings into the general ledger. c. Prepare a trial balance at the end of the month on August 31. Use Excel to complete this homework and upload onto Canvas.
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