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Franklin began an Accounting Consulting practice as a corporation named FDR Accounting during September of the current year. The following events occurred during its first
Franklin began an Accounting Consulting practice as a corporation named FDR Accounting during September of the current year. The following events occurred during its first month of business, September 2023. Record each entry in a General Journal format and then transfer the amounts to T accounts for the month ended September 30, 2023. Total the T accounts with the proper ending balances. Then transfer the balances to the appropriate financial statements. Sept 1 Franklin invested $50,000 of his personal savings into a checking account opened in the name of FDR Accounting and received stock in the corporation. Record the journal entry on FDR Accounting's books. 2 3 3 4 FDR Accounting rented office space on account for $2,000 for the month of September and agreed to pay in 30 days. 8 FDR Accounting purchased office equipment for $10,000, agreeing to pay the balance in 30 days. FDR Accounting purchased office supplies for $500 cash. FDR Accounting received a bill from its landlord that covers all of the utilities for the space leased in September of $3,000. The amount is due to be paid in October. 15 FDR Accounting completed $5,000 services for a client on credit. 20 FDR Accounting received a partial payment of $2,500 from a client for the work completed on September 15. 25 FDR Accounting paid early on the accounts payable due from September 2 of $2,000. 30 FDR Accounting received cash of $3,000 for services to be rendered in October. 30 FDR Accounting paid a $1,000 cash dividend. FDR Accounting received cash of $2,000 for services rendered for a client in the current month.
Franklin began an Accounting Consulting practice as a corporation named FDR Accounting during September of the current year. The following events occurred during its first month of business, September 2023. Record each entry in a General Journal format and then transfer the amounts to T accounts for the month ended September 30, 2023. Total the T accounts with the proper ending balances. Then transfer the balances to the appropriate financial statements. Sept 1 Franklin invested $50,000 of his personal savings into a checking account opened in the name of FDR Accounting and received stock in the corporation. Record the journal entry on FDR Accounting's books. 2 3 3 4 FDR Accounting rented office space on account for $2,000 for the month of September and agreed to pay in 30 days. 8 FDR Accounting purchased office equipment for $10,000, agreeing to pay the balance in 30 days. FDR Accounting purchased office supplies for $500 cash. FDR Accounting received a bill from its landlord that covers all of the utilities for the space leased in September of $3,000. The amount is due to be paid in October. 15 FDR Accounting completed $5,000 services for a client on credit. 20 FDR Accounting received a partial payment of $2,500 from a client for the work completed on September 15. 25 FDR Accounting paid early on the accounts payable due from September 2 of $2,000. 30 FDR Accounting received cash of $3,000 for services to be rendered in October. 30 FDR Accounting paid a $1,000 cash dividend. FDR Accounting received cash of $2,000 for services rendered for a client in the current month.
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