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Abe Factor opened a new accounting practice called X - Factor Accounting and completed these activities during March 2 0 2 3 : March 1
Abe Factor opened a new accounting practice called XFactor Accounting and completed these activities during March : March Invested $ in cash and office equipment that had a fair value of $ Prepaid $ cash for three months rent for an office. Made credit purchases of used office equipment for $ and office supplies for $ Completed work for a client and immediately received $ cash. Completed a $ project for a client, who will pay within days. Paid the account payable created on March Paid $ cash for the annual premium on an insurance policy. Received $ as partial payment for the work completed on March Placed an order with a supplier for $ of supplies to be delivered April They must be paid for within days of being received. Completed work for another client for $ on credit. Abe Factor withdrew $ cash from the business to pay some personal expenses. Purchased $ of additional office supplies on credit. Paid $ for the months utility bill. Required: Prepare journal entries to record the transactions. If no entry is required for a transactionevent select No journal entry required" in the first account field.
Abe Factor opened a new accounting practice called XFactor Accounting and completed these activities during March :
March Invested $ in cash and office equipment that had a fair value of $
Prepaid $ cash for three months rent for an office.
Made credit purchases of used office equipment for $ and office supplies for $
Completed work for a client and immediately received $ cash.
Completed a $ project for a client, who will pay within days.
Paid the account payable created on March
Paid $ cash for the annual premium on an insurance policy.
Received $ as partial payment for the work completed on March
Placed an order with a supplier for $ of supplies to be delivered April They must be paid for within days of being received.
Completed work for another client for $ on credit.
Abe Factor withdrew $ cash from the business to pay some personal expenses.
Purchased $ of additional office supplies on credit.
Paid $ for the months utility bill.
Required:
Prepare journal entries to record the transactions. If no entry is required for a transactionevent select No journal entry required" in the first account field.
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