Marketing Consulting, a proprietorship owned by , was started on January 1, , with an investment of cash. The company prepares marketing plans for clients. It has been operating for one year. Business was quite slow in the first year of operations but has steadily increased. has made additional investments of $ but has not made any withdrawals. The general ledger showed the following balances as of December 31, . LOADING...(Click the icon to view the account balances.)

Cash. . . . . . . . . . . . . . .

$25,000

Accounts Receivable. .

30,000

Software. . . . . . . . . . . .

21,000

Office Furniture. . . . . .

15,000

Computer Equipment. .

32,000

Accounts Payable. . . .

18,000

L. Wilson, Capital. . . . .

105,000

The following transactions took place during the month of January . LOADING...(Click the icon to view the transactions.)

an. 2		Wilson invested $20,000 in the business.
2		The business paid $4,000 for the month's rent on the office space.
4		The business signed a lease for the rental of additional office space at a cost of $3,500 per month. The lease is effective February 1. The business will pay the first month's rent in February.
6		The business developed a systems design for Banting Ltd. and received $10,000 now plus additional $7,000 payments to be received on the 15th of the month for the next three months.
10		The business paid $1,000 to a courier service.
12		Wilson signed an agreement to provide a marketing plan to Smith Inc. for $15,000 to be paid upon completion of the work.
14		The company purchased $5,000 of software that will be required for the Smith assignment. The company paid $3,000 and promised to pay the balance by the end of the month.
15		The company received $7,000 as the monthly payment from Banting Ltd. from January 6.
18		The company purchased computer equipment for $10,000 by paying $4,000 cash with the balance due in 60 days.
23		The company completed a marketing plan for Salem Ltd., which promised to pay $12,000 by the end of the month.
29		The company paid the balance owing for the software purchased on January 14.
31		Employees of Wilson Marketing Consulting are paid at the end of each month. The total wages expense for January was $10,000.
31		Wilson Marketing Consulting paid the utilities expense for January, $1,000.
31		Lin Wilson withdrew $5,000 for personal use.

pop-up content ends

PrintDone

RequiredLOADING...