Francis Dhami, Public Accountant, completed these activities during September 2020, the first month of operations: Required Prepare
Question:
Francis Dhami, Public Accountant, completed these activities during September 2020, the first month of operations:
Required
Prepare journal entries to record the transactions.
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Began a public accounting practice by investing $48,000 in cash and office equipment having a $11,800 fair value. Prepaid cash for three months' rent in advance on suitable office space, $8,700. Sept. Purchased on credit used office equipment, $5,800, and office supplies, $1,180. Completed accounting work for a client and immediately received payment of $6,000 cash. 8 Completed accounting work on credit for Frontier Bank, $3,800. Paid for the items purchased on credit on September 2. 10 Paid the annual $2,800 premium on an insurance policy. 14 15 Registered to attend an all-day seminar, costing $800 on October 20 regarding ethical accounting practices and will pay when attending. Received $1,400 from Frontier Bank for the work completed on September 8. 18 24 Completed accounting work on credit for Travis Realty, $2,750. Withdrew $3,400 cash from the practice to pay personal expenses. 28 Purchased additional office supplies on credit, $630. 29 Paid the September utility bills, $840. 30
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General Journal Page 1 Date Account Titles and Explanation PR Debit Credit 2020 Sept 1 Cash 101 4800...View the full answer
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Related Book For
Fundamental Accounting Principles Volume I
ISBN: 978-1260305821
16th Canadian edition
Authors: Kermit Larson, Tilly Jensen, Heidi Dieckmann
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A journal entry is an act of keeping or making records of any transactions either economic or non-economic. Transactions are listed in an accounting journal that shows a company\'s debit and credit balances. The journal entry can consist of several recordings, each of which is either a debit or a credit
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