Question

Desiree Clark is a licensed CPA. During the fi rst month of operations of her business,...

Desiree Clark is a licensed CPA. During the fi rst month of operations of her business,
the following events and transactions occurred.
May 1 Clark invested $20,000 cash in her business.
2 Hired a secretary-receptionist at a salary of $2,000 per month.
3 Purchased $2,500 of supplies on account from Read Supply Company.
7 Paid offi ce rent of $900 cash for the month.
11 Completed a tax assignment and billed client $3,200 for services provided.
12 Received $3,500 advance on a management consulting engagement.
17 Received cash of $1,200 for services completed for C. Desmond Co.
31 Paid secretary-receptionist $2,000 salary for the month.
31 Paid 60% of balance due Read Supply Company.
Desiree 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. 301 Owner’s Capital,
No. 400 Service Revenue, No. 726 Salaries and Wages Expense, and No. 729 Rent Expense.
Instructions
(a) Journalize the transactions.

what is the answer

Homework Answers

Answer #1

Solution:-

(a) Journalize the transactions:-

Please Rate and comment. Happy learning.

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Shamrock Crusher is a licensed CPA. During the first month of operations of her business (a...
Shamrock Crusher is a licensed CPA. During the first month of operations of her business (a sole proprietorship), the following events and transactions occurred. April 2 Invested $27,070 cash and equipment valued at $12,900 in the business. 2 Hired an administrative assistant at a salary of $255 per week payable monthly. 3 Purchased supplies on account $833. (Debit an asset account.) 7 Paid office rent of $546 for the month. 11 Completed a tax assignment and billed client $1,160 for...
Debra Crusher is a licensed CPA. During the first month of operations of her business (a...
Debra Crusher is a licensed CPA. During the first month of operations of her business (a sole proprietorship), the following events and transactions occurred. April   2 Invested $28,380 cash and equipment valued at $14,150 in the business. 2 Hired an administrative assistant at a salary of $301 per week payable monthly. 3 Purchased supplies on account $588. (Debit an asset account.) 7 Paid office rent of $706 for the month. 11 Completed a tax assignment and billed client $1,065 for services...
Problem 2-2A Emily Valley is a licensed dentist. During the first month of the operation of...
Problem 2-2A Emily Valley is a licensed dentist. During the first month of the operation of her business, the following events and transactions occurred. April 1 Invested $21,000 cash in her business. 1 Hired a secretary-receptionist at a salary of $600 per week payable monthly. 2 Paid office rent for the month $1,200. 3 Purchased dental supplies on account from Dazzle Company $4,700. 10 Performed dental services and billed insurance companies $4,600. 11 Received $1,400 cash advance from Leah Mataruka...
Emily Valley is a licensed dentist. During the first month of the operation of her business,...
Emily Valley is a licensed dentist. During the first month of the operation of her business, the following events and transactions occurred. April 1 Invested $21,000 cash in her business. 1 Hired a secretary-receptionist at a salary of $500 per week payable monthly. 2 Paid office rent for the month $1,200. 3 Purchased dental supplies on account from Dazzle Company $4,500. 10 Performed dental services and billed insurance companies $5,100. 11 Received $1,200 cash advance from Leah Mataruka for an...
3- Linda Smith has a business. During the first month of the operation of her business,...
3- Linda Smith has a business. During the first month of the operation of her business, the following events and transactions occurred. 1- April 1 Invested $25,000 cash in her business. 2- Hired an assistant at a salary of $450 per week payable monthly. 3- Paid office rent for the month $750. 4- Purchased supplies on account from Zera Company $2,500. 5- Performed services and received in cash $3,150. 6- Received $250 cash advance from Moora as a deposit. 7-...
E3-1 (L02) (Transaction Analysis—Service Company) Beverly Crusher is a licensed CPA. During the first month of...
E3-1 (L02) (Transaction Analysis—Service Company) Beverly Crusher is a licensed CPA. During the first month of operations of her business (a sole proprietorship), the following events and transactions occurred. April 2 Invested $32,000 cash and equipment valued at $14,000 in the business. 2 Hired an administrative assistant at a salary of $290 per week payable monthly. 3 Purchased supplies on account $700. (Debit an asset account.) 7 Paid offi ce rent of $600 for the month. 11 Completed a tax...
3- Iris Smith has a salon. During the first month of the operation of her business,...
3- Iris Smith has a salon. During the first month of the operation of her business, the following events and transactions occurred. 1- April 1 Invested $50,000 cash in her business. 2- Hired an assistant at a salary of $900 per week payable monthly. 3- Paid office rent for the month $1,500. 4- Purchased supplies on account from Zera Company $5,000. 5- Performed services and received in cash $6,300. 6- Received $500 cash advance from Moora as a deposit. 7-...
During the first month of operations, the following transactions occurred for Blossom Inc.: Apr. 1 Invested...
During the first month of operations, the following transactions occurred for Blossom Inc.: Apr. 1 Invested cash of $9,600 and equipment of $6,000 in the company in exchange for common shares. 1 Hired a secretary-receptionist at a monthly salary of $2,000. 2 Paid office rent for the month, $1,000. 3 Purchased architectural supplies on account from Halo Ltd., $2,000. 10 Completed blueprints on a carport and billed client $1,300. 13 Received $800 cash advance from a client for the design...
1. Record the following business transactions in general journal form. Identify each transaction by number. You...
1. Record the following business transactions in general journal form. Identify each transaction by number. You may omit explanations of the transaction. Shareholders invested RM32,000 cash and equipment valued at RM14,000 in the business. Hired a secretary-receptionist at a salary of RM350 per week payable monthly. Purchased supplies on account RM700. Paid office rent of RM600 for the month. Completed a tax assignment and billed client RM1,100 for services provided. Received RM3,200 advance on a management consulting engagement. Received cash...
Kassidy Alba started The Alba Consulting Group, a new business that began operations on May 1,...
Kassidy Alba started The Alba Consulting Group, a new business that began operations on May 1, 2014. The Alba Consulting Group completed the following transactions during the month of May: May 1 K. Alba invested $80,000 cash in the business 1 Rented a furnished office and paid $4,000 cash for four month’s rent 3 Purchased $1,890 of office equipment on credit 3 Paid $5,000 cash for the premium on a 10-month insurance policy 5 Paid $250 cash for this month’s...