Question
Record the following transactions: Feb 1 Completed a consulting engagement and received cash of $8,500 1 See Chapter 13 section for the journal to incorporate
Record the following transactions:
Feb
1 Completed a consulting engagement and received cash of $8,500
1 See Chapter 13 section for the journal to incorporate the company.
9 Purchased 60 units software inventory on account from Mraz Co., $2,600 (including freight)
12 Sold 50 software units on account to James Williams, $4,500 (cost $1,300)
19 Consulted with a client, Joseph Smith, for a fee of $500 for cash.
20 Paid employee salaries, $2,055. 21 Paid on account $7,000.
22 Received telephone bill and paid for $300.
24 Sold 150 units software for cash for $13,125 (cost $3,900)
28 Record the following adjusting entries:
a. Accrued salaries expense $680.
b. Expiration of prepaid rent $550
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