P3-5B Bob Royce incorporated Royce Consulting, an accounting tice, on May 1, 2014. During the first month of operations, these events and transactions urred. Stockholders invested $100,000 cash in exchange for common stock the corporation. Hired a secretary-receptionist at a salary of $2,500 per month. Purchased $800 of supplies on account from Pickering Supply Company. Paid office rent of $1,400 for the month. Completed a tax assignment and billed client $2,500 for services performed. Received $4,200 advance on a management consulting engagement. Received cash of $3,300 for services completed for Woodman Co. Paid secretary-receptionist $2,500 salary for the month. May 1 2 3 7 11 12 17 31 31 Paid 50% of balance due Pickering Supply Company. The company uses the following chart of accounts: Cash, Accounts Receivable, Supplies, Accounts Payable, Unearned Service Revenue, Common Stock, Service Revenue, Salaries and Wages Expense, and Rent Expense.

P3-5B Bob Royce incorporated Royce Consulting, an accounting tice, on May 1, 2014. During the first month of operations, these events and transactions urred. Stockholders invested $100,000 cash in exchange for common stock the corporation. Hired a secretary-receptionist at a salary of $2,500 per month. Purchased $800 of supplies on account from Pickering Supply Company. Paid office rent of $1,400 for the month. Completed a tax assignment and billed client $2,500 for services performed. Received $4,200 advance on a management consulting engagement. Received cash of $3,300 for services completed for Woodman Co. Paid secretary-receptionist $2,500 salary for the month. May 1 2 3 7 11 12 17 31 31 Paid 50% of balance due Pickering Supply Company. The company uses the following chart of accounts: Cash, Accounts Receivable, Supplies, Accounts Payable, Unearned Service Revenue, Common Stock, Service Revenue, Salaries and Wages Expense, and Rent Expense.

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Description: P3-5B Bob Royce incorporated Royce Consulting, an accounting tice, on May 1,2014. During the first month of operations, these events and transactions urred.Stockholders invested $100,000 cash in exchange for common stock “ thecorporation.Hired a sec

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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