Transactions for April 2024

1

On April 1, 2024, Redmond Company, an information technology (IT) consulting company, received $650,000 cash from the owner, Ron Larson.

2 On April 3, Redmond paid $225,000 cash for land.

3 Redmond purchased $1,250 of office supplies on account on April 5.

4 On April 6, Redmond provided IT consulting services for a client and collected $12,000 cash.

5 Redmond provided IT consulting services of $14,000 for clients on April 7. The clients will pay Redmond in the future.

6 Redmond paid cash expenses on April 10: salaries of $8,000 and office rent of $5,000.

7 On April 12, Redmond paid $750 on the accounts payable created in Transaction #3.

8 Redmond collected $3,000 cash on April 14 from a client in transaction #5.

9 On April 16, Ron Larson withdrew $2,500 cash.

10 On April 18, Redmond prepaid office rent of $15,000 for the months of May, June and July.

11 Redmond paid $8,000 salaries to employees on April 20.

12 Redmond purchased a building for $520,000 on April 25. A note payable was issued for the entire amount.

13 On April 26, Redmond received a contribution of furniture with a fair market value of $25,000 from Ron Larson.

14 Redmond received a cell phone bill for $1,100, on April 28, and will pay this amount in May. Use Utilities Payable.

15 On April 30, Redmond paid employee salaries of $8,000.

16 Redmond meets with a client on April 30, who pays $22,000 in advance for consulting services to be performed during May and June.

17 On April 30, Redmond performed consulting services for clients and received $16,000 in cash.