Question 1 Bob Royce incorporated Royce Consulting, an accounting practice, on May 1, 2014. During the first month of operations, these events and transactions occurred. May 1 Stockholders invested $112,500 cash in exchange for common stock of the corporation. 2 Hired a secretary-receptionist at a salary of $2,813 per month. 3 Purchased $900 of supplies on account from Pickering Supply Company 7 Paid office rent of $1,575 for the month. 11 Completed a tax assignment and billed client $2,813 for services performed. 12 Received $4,725 advance on a management consulting engagement 17 Received cash of $3,713 for services completed for Woodman Co. 31 Paid secretary-receptionist $2,813 salary for the month. 31 Paid 50% of balance due Pickering Supply Company. The company uses the following chart of accounts: Cash, Accounts Receivable, Supplies, Accounts Payable, Unearned Service Revenue, Common Stock, Service Revenue, Salaries and Wages Expense, and Rent Journalize the transactions. If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit I Cash Common Stock May 2 II No Entry | No Entry May 3 | Supplies Accounts Payable PERM2222222 May 7 Rent Expense May 11 | Cash Accounts Receivable T Service Revenue May 12 Cash Unearned Service Revenue 4725 May 17 Cash Service Revenue 3713 May 31 Salaries and Wages Expense Cash 2813 (Paid salaries) May 31 ||Accounts Payable | Cash 450 (Paid creditor on account) Common Stock Service Revenue Salaries and Wages Expense Rent Expense