Question
Shareholders invested cash of $18,900 and building of $270,000 in exchange for common shares. Engaged a recruitment firm to search for an executive assistant. A
Shareholders invested cash of $18,900 and building of $270,000 in exchange for common shares. Engaged a recruitment firm to search for an executive assistant. A fee of $1,350 is to be paid if a successful candidate is hired. Purchased $4,050 of office supplies on account from Babaamizi Depot. Completed bookkeeping services and billed the client $5,400. Received $10,800 for services performed for a client. Paid 40% ($1,620) of the amount owed to Babaamizi Depot on account. (See January 3 transaction). Hired an executive assistant recommended by the recruitment firm at a monthly salary of $3,380. The assistant's first day of work will be January 15 but is not paid with the administrative assistant on January 28. Paid the recruitment firm (Hint: Use Professional Fees Expense, January 2 and 12 transactions). Received $1,350 in advance from a client for tax services to be performed in April. Received $2,700 as partial payment from the client for the work completed and billed on January 7. Paid an income tax instalment in the amount of $1,350.
Journalize the transactions. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Record journal entries in the order presented in the problem.)
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