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Instruction: Precise Tax Co. completed the following TEN transactions during April 2020, its first month of operation. Assume that the company makes adjustments at the
Instruction: Precise Tax Co. completed the following TEN transactions during April 2020, its first month of operation. Assume that the company makes adjustments at the end of every month. Record these transactions in general journal entry form. Style conventions for journalizing must be followed. For example, date is entered first for each transaction and do not abbreviate account titles. Explanations of transactions are not required. Please use correct and complete account titles. Otherwise, points will be deducted. April 1 Purchase office equipment costing $45,000 by issuing a one-year note with a stated interest rate of 8% per year. The interest and principal will be paid on the maturity date (3/31/2021). 2 Prepaid $ 900 cash for two-month insurance (from 4/1/2020 to 5/31/2020). 6 Provided tax consulting services of $ 6,500 on account. 12 Purchased $1,600 of office supplies on account. 19 Received $3,800 cash in advance for services to be performed in the future. 26 Collected $4,100 cash from accounts receivable 30 Accrued unpaid April insurance expense (see April 2). 30 Adjusted for unpaid April salaries of $ 2,300. 30 Accrued unpaid April interest on the note (see the transaction on April 1). 30 Counted supplies and determined that $740 of supplies (purchased on April 12) remain on hand at the end of April. Adjusted for supplies expense
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