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Team, you have been called in to help James Miller who has operated a part-time architectural business from his home. His accountant has decided to
Team, you have been called in to help James Miller who has operated a part-time architectural business from his home. His accountant has decided to quit working for him and Miller has decided he needs a more organized approach to keeping his accounting records. (Miller has kept his accounting records in a big le cabinet). Miller has decided to move to a rented ofce space and is planning to operate the business on a full-time basis. The business will be known as Miller Architects, Inc. Miller also has the following transactions that took place during the month of June 20XX: June 1. The following assets were received from James Miller in exchange for common stock: Cash, 3; 23,400; accounts receivable, $ 4,000; supplies, $1,900 and Ofce Equipment, 55 15,500. There were no liabilities received. 0 June 1. Paid six months' rent in advance on a lease rental contract, $ 6,000. June 2. Paid the premiums on property and casualty insurance policies, $ 2,400. l The policy is for six months] 0 June 4. Received cash from the Smith Companv as an advance payment for services to be provided and it will be recorded as unearned fees for $ 5,000. 0 June 5. Purchased a new computer on account from Stone's Computer Nook for $ 3,000. The useful life has been determined to be 5 years. 0 June 6. Received cash from clients on account for $ 2,200. 0 June 9. Paid cash to Greeneld Tribune for a newspaper advertisement, $ Al-n
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