Question
1 1-May-20 Jacob invested $40,000 cash and equipment worth $10,000 in the company 2 1-May-20 Hired one employee to work in the office for a
1 1-May-20 Jacob invested $40,000 cash and equipment worth $10,000 in the company
2 1-May-20 Hired one employee to work in the office for a salary $2,475 per month
3 2-May-20 Paid $3,300 cash for a one -year insurance policy
4 5-May-20 Signed a two-year rental agreement on an office and paid $4,800 cash. Half was for the May rent and half was for the final month's rent
5 8-May-20 Purchased additional equipment costing $17,000. A cash payment of $7,000 was made immediately. Signed a note payable for the balance
6 9-May-20 Purchased supplies for $500 cash.
7 15-May-20 Purchased more supplies for $750 on account
8 17-May-20 Completed a contract for a client for $3,000 on account
9 28-May-20 Paid $250 for May's telephone bill
10 28-May-20 Completed services for a client and immediately collected $1,100
11 29-May-20 Paid Jocob $1,600 cash for his personal use
12 29-May-20 Collected $2,500 from the client billed on May17
13 31-May-20 Received a cash advance of $500 for service to be completed in June.
14 31-May-20 Paid the employee's monthly salary $2,475.
cas table of debit and credit and their total. with everything
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started