BU 501 Assignment 2

Will Taylor launched a new business called Wills Business Services that began operations on Jan 1, 2015. The following transactions were completed by the company during the first month:

Jan	1	Will invested $500,000 in the business for operations.
	1 1 1	Paid $30,000 cash for rent for the next six months. Borrowed $175,000 from First National Bank. Paid $6,000 for Insurance for the first quarter
	2	Purchased $15,000 worth of equipment from Skyline Office equipment paying $5,000 cash with the balance being paid in 20 days.
	4	Paid $1,500 cash to advertise the grand opening of the business.
	5 6 8	Received $3,500 for services provided to Remmington Steele. Will Taylor Donated $7,500 worth the Computer Equipment to his business. Performed business services for Hush Puppy CO. and received $1750 in a cash payment.
	9	Performed $22,500 of business services for PDQ Company on credit.
	10	Paid $750 in cash to Puffy Cleaning Services for services provided.
	11	Received $8,500 from PDQ Company for business services performed on January 9.
	12	Purchased $1,300 of Office Equipment and $700 of Office Supplies on credit.
	14	Performed $2,500 of business services on credit for Johnson Realty.
	15	Earned Employment fees of $1500 which will be paid by 31 March 2015.
	20	Paid balance due to Skyline for the equipment purchased on January 2nd.
	21 22	Received $1,250 in cash for services performed for Johnson Realty on June 22. Received computer equipment worth $5000 for services rendered to Zerox CO.
	24 25 30	Accrued $750 of Interest Revenue from the bank Purchased $2000 of Office Supplies on credit. Paid $250 cash for this month's telephone bill.
	30	Paid $750 cash for utilities.
	31 31 31	Paid $5,500 for employees wages for the month. Expensed January's insurance payment. Expensed January's rent out of the prepaid account.

Required:

Determine the accounts affected by the journal entries above and prepare the journal entries. For example:

Accounts Receivable $1,100

Sales Revenue $1,100