Question
Max Alderman practices law under the business title Max Alderman, Attorney at Law, Inc. During April 2014, his law practice engaged in the following transactions:
- Max Alderman practices law under the business title Max Alderman, Attorney at Law, Inc. During April 2014, his law practice engaged in the following transactions:
| April | 1 |
| Sold $60,000 of common stock to Alderman to start the business. |
| April | 3 |
| Paid $500 for the purchase of office supplies. |
| April | 8 |
| Paid $10,000 cash to purchase land for an office site. |
| April | 12 |
| Purchased office equipment on account, $2,800. |
| April | 17 |
| Borrowed $10,000 from the bank. Alderman signed a note payable to the bank in the name of the business. |
| April | 26 |
| Paid $2,600 on account. |
| April | 30 |
| Revenues earned during the month included $20,000 cash and $17,000 on account. |
| April | 30 |
| Paid |
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Auditing A Practical Approach
Authors: Robyn Moroney, Fiona Campbell, Jane Hamilton, Valerie Warren
4th Canadian Edition
1119709490, 9781119709497
