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Assignment- Fall 201 Kelly McGivor started a consulting business, Coops Consulting Conm 2016. He found out that you have been taking an accounting course for
Assignment- Fall 201 Kelly McGivor started a consulting business, Coops Consulting Conm 2016. He found out that you have been taking an accounting course for assistance in preparing the financial information for his banker who h financial statements. The banker has experience with loans to new companies and is highly interested in this new venture. and has asked you has asked for Kelly contributed $2,000 of his own money to start t he busine Dec. 1 Dec. 1 A business loan was approved by the bank for $4,000 which was deposited into the business account on the same da The loan bears y. interest at 6% annually payable at the first of each month. The loan re manth principal is due in 2 years. Dec. 3 available inmediately and the company paid 6 months rent in advance for $3,000. Dec. 6 The company paid $450 cash for supplies. Dec. 7 Kelly hired Spot On, a printing business, which prepared advertising brochures for the company and was paid $500 cash. Dec. 8 Kelly completed consulting services for a new client and received $9,000 cash Kelly purchased a new computer for the business for $3,600 on account. The account will become due on March 1St and the company expects t pay it at that time. The computer is expected to last 3 years at which point Dec. 10 ny it will have no value. (Daily depreciation) Dec. 12 Kelly hired someone to do some data entry and paid them $350 in cash Kelly hired an administrative assistant who began organizing the client contacts and files. The salary will be $400 paid weekly. ( work week is 5 Dec. 28 days)
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