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1 On 3/1/xx Mr. Steven Richardson started a sole proprietorship accounting consulting business. During the month of March, the following transactions took place: 3/1 Mr.

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1 On 3/1/xx Mr. Steven Richardson started a sole proprietorship accounting consulting business. During the month of March, the following transactions took place: 3/1 Mr. Richardson opened a bank account at his bank in the business's name "Richardson and Associates and transferred $55,000 from his personal account into the business account. In addition, he obtained a credit card from his bank in the company's name. 3/1 Mr. Richardson signed a one-year lease for office space for the business. He paid one month's rent in advance of $2,500 and a security deposit in the same amount using his business checking account. 3/2 The business paid by business check $200 for a deposit to have the utilities in the office turned on. 3/3 Mr. Jones purchased a desktop computer, a printer and a wireless router using the company's credit card in the amount of $2,250. The amount will be paid at the end of the month when the credit card bill is received 3/4 Purchased office supplies for $325 and charged it using the company's business card. The amount will be paid when the credit card bill is received. 3/4 Had a telephone system installed by the telephone company. The total cost to install the telephone system was $350. He received an invoice in that amount from the installer with terms of "DEM" (Due at the end of the month) 318 Received a bill from his attorney in the amount of $150 for reviewing the lease agreement. He wrote a business check in full payment of the bill and send it to his attorney. 3/8 Purchased office furniture for the office and received a bill in the amount of $2.400 with terms of "Due on receipt". 3/10 Billed a client $2,360 for setting up an accounting system with terms of Due on receipt. 3/15 Mr. Richardson signed a one-year consulting contract to provide accounting services with an architectural firm. The contract called for a $1,000 retainer fee which Mr. Richardson received and deposited it into the business checking account. 3/16 Mr. Richardson wrote a business check for the purchase made on 3/8 and set it to the office furniture company 3/18 Received payment for the 3/10 transaction. 3/26 Mr. Richardson wrote a check from the business checking account in the amount of $1,000 for his personal living expenses 3/31 The company received a credit card bill in the amount for the purchases made during the month. The company paid for the bill by a business check. 3/31 Mr. Richardson wrote a business check for the phone instalation on 3/4 and sent it to the telephone company

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