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Julia Dumars is a licensed CPA. During the first month of operations of her business, Sheffield Corp, the following events and transactions occurred. May 1 2 3 7 11 Completed a tax assignment and billed client $3,000 for services performed. Received $3,300 advance on a management consulting engagement. Received cash of $1,100 for services performed for Orville Co. Paid secretary-receptionist $2,500 salary for the month. Paid 40% of balance due Vincent Supply Company. 12 17 31 Stockholders invested $20,200 cash in exchange for common stock. Hired a secretary-receptionist at a salary of $2,500 per month. Purchased $1,800 of supplies on account from Vincent Supply Company. Paid office rent of $880 cash for the month. 31 Julia uses the following chart of accounts: No. 101 Cash, No. 112 Accounts Receivable, No. 126 Supplies, No. 201 Accounts Payable, No.209 Unearned Service Revenue, No. 311 Common Stock, No. 400 Service Revenue, No. 726 Salaries and Wages Expense, and No. 729 Rent Expense.

Julia Dumars is a licensed CPA. During the first month of operations of her business, Sheffield Corp, the following events and transactions occurred. May 1 2 3 7 11 Completed a tax assignment and billed client $3,000 for services performed. Received $3,300 advance on a management consulting engagement. Received cash of $1,100 for services performed for Orville Co. Paid secretary-receptionist $2,500 salary for the month. Paid 40% of balance due Vincent Supply Company. 12 17 31 Stockholders invested $20,200 cash in exchange for common stock. Hired a secretary-receptionist at a salary of $2,500 per month. Purchased $1,800 of supplies on account from Vincent Supply Company. Paid office rent of $880 cash for the month. 31 Julia uses the following chart of accounts: No. 101 Cash, No. 112 Accounts Receivable, No. 126 Supplies, No. 201 Accounts Payable, No.209 Unearned Service Revenue, No. 311 Common Stock, No. 400 Service Revenue, No. 726 Salaries and Wages Expense, and No. 729 Rent Expense.

FINANCIAL ACCOUNTING
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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Julia Dumars is a licensed CPA. During the first month of operations of her business, Sheffield Corp, the following events and transactions occurred. Stockholders invested $20,200 cash in exchange for common stock. Hired a secretary-receptionist at a salary of $2,500 per month. 3 Purchased $1,800 of supplies on account from Vincent Supply Company. 7 Paid office rent of $880 cash for the month. 11 Completed a tax assignment and billed client $3,000 for services performed. Received $3,300 advance on a management consulting engagement. Received cash of $1,100 for services performed for Orville Co. Paid secretary-receptionist $2,500 salary for the month. Paid 40% of balance due Vincent Supply Company. May 1 2 12 17 31 31 Julia uses the following chart of accounts: No. 101 Cash, No. 112 Accounts Receivable, No. 126 Supplies, No. 201 Accounts Payable, No.209 Unearned Service Revenue, No. 311 Common Stock, No. 400 Service Revenue, No. 726 Salaries and Wages Expense, and No. 729 Rent Expense.
Transcribed Image Text:Julia Dumars is a licensed CPA. During the first month of operations of her business, Sheffield Corp, the following events and transactions occurred. Stockholders invested $20,200 cash in exchange for common stock. Hired a secretary-receptionist at a salary of $2,500 per month. 3 Purchased $1,800 of supplies on account from Vincent Supply Company. 7 Paid office rent of $880 cash for the month. 11 Completed a tax assignment and billed client $3,000 for services performed. Received $3,300 advance on a management consulting engagement. Received cash of $1,100 for services performed for Orville Co. Paid secretary-receptionist $2,500 salary for the month. Paid 40% of balance due Vincent Supply Company. May 1 2 12 17 31 31 Julia uses the following chart of accounts: No. 101 Cash, No. 112 Accounts Receivable, No. 126 Supplies, No. 201 Accounts Payable, No.209 Unearned Service Revenue, No. 311 Common Stock, No. 400 Service Revenue, No. 726 Salaries and Wages Expense, and No. 729 Rent Expense.
Post to the ledger accounts. (Post entries in the order of journal entries presented in the previous part.) Cash Date Accounts Receivable Date Supplies Date Date Accounts Payable Explanation Ref. Common Stock Date Unearned Service Revenue Service Revenue Date 31 Rent Expense 31 31 31 Explanation Ref Salaries and Wages Expense 31 31 Explanation Ref. 31 Date Explanation Ref. Explanation Ref. 31 31 31 31 Explanation Ref. Date Explanation Ref. 31 31 31 Explanation Ref. 31 Date Explanation Ref. 31 Debit Debit Debit Debit Debit Debit Debit Debit Debit Credit Credit Credit Credit Credit Credit Credit Credit Credit Balance Balance Balance Balance Balance Balance Balance Balance Balance No. 101 No. 112 No. 126 No. 201 No. 209 No. 311 No. 400 No. 726 No. 729
Transcribed Image Text:Post to the ledger accounts. (Post entries in the order of journal entries presented in the previous part.) Cash Date Accounts Receivable Date Supplies Date Date Accounts Payable Explanation Ref. Common Stock Date Unearned Service Revenue Service Revenue Date 31 Rent Expense 31 31 31 Explanation Ref Salaries and Wages Expense 31 31 Explanation Ref. 31 Date Explanation Ref. Explanation Ref. 31 31 31 31 Explanation Ref. Date Explanation Ref. 31 31 31 Explanation Ref. 31 Date Explanation Ref. 31 Debit Debit Debit Debit Debit Debit Debit Debit Debit Credit Credit Credit Credit Credit Credit Credit Credit Credit Balance Balance Balance Balance Balance Balance Balance Balance Balance No. 101 No. 112 No. 126 No. 201 No. 209 No. 311 No. 400 No. 726 No. 729
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