Question

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 services rendered. (Use Service Revenue account.)

12 Received $2,589 advance on a management consulting engagement.

17 Received cash of $2,201 for services completed for Ferengi Co.

21 Paid insurance expense $100. 30 Paid administrative assistant $1,020 for the month.

30 A count of supplies indicated that $122 of supplies had been used.

30 Purchased a new computer for $5,266 with personal funds. (The computer will be used exclusively for business purposes.)

Journalize the transactions in the general journal.

Homework Answers

Answer #1
  • Working forms part of the journal entries. Entries are self explanatory.
  • Journal Entries

Date (April)

Accounts Titles

Debit

Credit

2

Cash

27070

Equipment

12900

Owners' Equity (Capital)

39970

2

No entry for hiring the assistant

3

Supplies

833

Accounts payables

833

7

Rent expense

546

Cash

546

11

Accounts receivables

1160

Service Revenue

1160

12

Cash

2589

Advance ffrom customer

2589

17

Cash

2201

Service Revenue

2201

21

Insurance expense

100

Cash

100

30

Salaries expenses

1020

Cash

1020

30

Supplies expense

122

Supplies

122

30

Computer

5266

Owner's Equity (Capital)

5266

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