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Hack Consulting performs systems consulting and sells software. If began operations in December 2016. Prepare journal entries for all the following transactions in parts A
Hack Consulting performs systems consulting and sells software. If began operations in December 2016. Prepare journal entries for all the following transactions in parts A & B, The business completed the following transactions during the month of December 2016: Dec 3 Paid cash for a computer. $3, 600. The computer is expected to remain in service for 5 years. Dec 5 purchased office supplies On account, $800. Dec 9 Performed consulting services for a client in account, $2, 500. Dec 21 Received $2, 400 in advance for client services to be performed in the future. At December 31, the business prepares adjusting entries for the following transactions: Earned $600 of the service revenue collected in advance on December 21. By physical count, the office supplies on hand were $300. Accrued $685 expense for administrative assistant's salary. Recorded one month's depreciation on the computer which is depreciated use the straight-line method. Assume the computer is expected to last for five years and have $0 residual value
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