Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Ivanhoe Crusher is a licensed CPA. During the first month of operations of her business (a sole proprietorship), the following events and transactions occurred. April
Ivanhoe Crusher is a licensed CPA. During the first month of operations of her business (a sole proprietorship), the following events and transactions occurred.
April 2 | Invested $26,320 cash and equipment valued at $11,370 in the business. | |
2 | Hired an administrative assistant at a salary of $346 per week payable monthly. | |
3 | Purchased supplies on account $802. (Debit an asset account.) | |
7 | Paid office rent of $532 for the month. | |
11 | Completed a tax assignment and billed client $950 for services rendered. (Use Service Revenue account.) | |
12 | Received $3,325 advance on a management consulting engagement. | |
17 | Received cash of $1,856 for services completed for Ferengi Co. | |
21 | Paid insurance expense $110 for the next month. | |
30 | Paid administrative assistant $1,384 for the month. | |
30 | A count of supplies indicated that $122 of supplies had been used. | |
30 | Purchased a new computer for $6,019 with personal funds. (The computer will be used exclusively for business purposes.) |
Journalize the transactions in the general journal. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Record journal entries in the order presented in the problem.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started