JOURNAL ENTRIES Jean Akins opened a consulting business. Journalize the following transactions that occurred during the month of January of the current year using the modified cash basis and a combination journal. Set up special columns for Consulting Fees (credit) and Wages Expense (debit).

Jan. 1 Invested cash in the business, $10,000.

2 Paid office rent, $500.

3 Purchased office equipment on account from Business Machines, Inc., $1,500.

5 Received cash for services rendered, $750.

8 Paid telephone bill, $65.

10 Paid for a magazine subscription (miscellaneous expense), $15.

11 Purchased office supplies on account from Leo’s Office Supplies, $300.

15 Paid for one-year liability insurance policy, $150.

18 Paid part-time help, $500.

21 Received cash for services rendered, $350.

25 Paid electricity bill, $85.

27 Withdrew cash for personal use, $100.

29 Paid part-time help, $500.