Question

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 rendered. (Use Service Revenue account.)
12 Received $3,474 advance on a management consulting engagement.
17 Received cash of $2,365 for services completed for Ferengi Co.
21 Paid insurance expense $99.
30 Paid administrative assistant $1,204 for the month.
30 A count of supplies indicated that $101 of supplies had been used.
30 Purchased a new computer for $5,283 with personal funds. (The computer will be used exclusively for business purposes.)


Journalize the transactions in the general journal. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Record journal entries in the order presented in the problem.)

Homework Answers

Answer #1

Journal entry

Date General Journal Debit Credit
Apr 2 Cash 28380
Equipment 14150

Owner's equity

42530
Apr 2 No Journal entry
Apr 3 Supplies 588
Account payable 588
Apr 7 Office rent 706
Cash 706
Apr 11 Account receivable 1065
Service revenue 1065
Apr 12 Cash 3474
Unearned service revenue 3474
Apr 17 Cash 2365
Service revenue 2365
Apr 21 Insurance expense 99
Cash 99
Apr 30 Salaries expense 1204
Cash 1204
Apr 30 Supplies expense (588-101) 487
Supplies 487
Apr 30 Owner's withdrawal 5283
Cash 5283
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