BOCCO Ace Normal NS XA Font Paragraph ACCT. 2301, Principles (Financial) STARTING A NEW BUSINESS Practice Question 4. Given the below details, carry out the instructions therein. 1. Ben's Financial Services started business on 6/01/2020. During the first half month of operations the following transactions took place. June 1. Ben invested $25,000 cash and his personal computer, valued at $500, in exchange for common stock. (Explain the difference benseen "Common stock and "Captral" instead). June 1. Paid office rent for month of June 1, of $800 (When tsit an expense, when a prepayment?). June 2 Paid 90 monthly premium for liability insurance, to protect the operations June 2. Agreed terms for office cleaning with vendor at $450 per week, payable on receipt of voice June 3. Paid office rent for paiod 7/01/2020, at $800 month for six months June 3. Purchased fumiture from Office Furniture Company, for $7,800, paying $2,800 cash immediately, the balance due within three months June 3. Purchased office supplies for cash, $1,500 and a copier printer for $2,400, on I credit from Office Supplies Store June 4. Purchased company vehide for $21.500, on twelve months credit, with immediate down-payment of $6.500. June 5. Sold $3,200 service to a new custome, on 45 days credit June 8. Sold services for cash far $11,000 for the first week of June 2020, June 10. Paid $3,000 towards the purchased furniture on June 3, 2020 June 11 Received and posted an invoice for one week cleaning services, for $450, June 12. Provided service to a customer for $5,800. The customer paid 40% cash immediately and the balance payable within 30 days June 13. Received $1,000 cash from customa for service provided on June 5, 2020 June 13. Paid invoice earlier received for cleaning on June 11, 2020 June 14. Received payment in advance for 59,000 from a customer for taxation services to be provided during the month of July 2020, June 14 Paid computer maintenance charges to IT Service Supplies for $100. June 15 Received invoice for telephone and internet facilities used for the period, 5350 June 15 Paid half monthly wages to employees, 53,500 and $5,000 towards vehicle purchase June 15 Paid 56.000 dividend to sole shareholder of 6/04/2020 Type here to search O a 8 Unmute 21 Start video