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 12 17 31 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. 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. 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 12 17 31 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. 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. 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

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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