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The following information is provided for the first month of operations for Legal Services Inc. Journalize the following transactions. The business was started by selling $100,000 worth of common stock. Six months' rent was paid in advance, $4,500. Provided services in the amount of $1,000. The customer will pay at a later date. An office worker was hired. The worker will be paid $275 per week. (Journal entry will be relating to employee being paid in the future, not present time.) Received $500 in payment from the customer in "C".

The following information is provided for the first month of operations for Legal Services Inc. Journalize the following transactions. The business was started by selling $100,000 worth of common stock. Six months' rent was paid in advance, $4,500. Provided services in the amount of $1,000. The customer will pay at a later date. An office worker was hired. The worker will be paid $275 per week. (Journal entry will be relating to employee being paid in the future, not present time.) Received $500 in payment from the customer in "C".

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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The following information is provided for the first month of operations for Legal Services Inc. Journalize the following transactions. The business was started by selling $100,000 worth of common stock. Six months' rent was paid in advance, $4,500. Provided services in the amount of $1,000. The customer will pay at a later date. An office worker was hired. The worker will be paid $275 per week. (Journal entry will be relating to employee being paid in the future, not present time.) Received $500 in payment from the customer in "C".
Transcribed Image Text:The following information is provided for the first month of operations for Legal Services Inc. Journalize the following transactions. The business was started by selling $100,000 worth of common stock. Six months' rent was paid in advance, $4,500. Provided services in the amount of $1,000. The customer will pay at a later date. An office worker was hired. The worker will be paid $275 per week. (Journal entry will be relating to employee being paid in the future, not present time.) Received $500 in payment from the customer in "C".
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