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transactions occurred. operation business, Windsor, Inc., ng May 1 Stockholders invested $20,000 cash in exchange for common stock. 2 Hired a secretary-receptionist at a salary
transactions occurred. operation business, Windsor, Inc., ng May 1 Stockholders invested $20,000 cash in exchange for common stock. 2 Hired a secretary-receptionist at a salary of $1,500 per month. 3 Purchased $2,300 of supplies on account from Vincent Supply Company. 7 Paid office rent of $710 cash for the month. 11 Completed a tax assignment and billed client $2,700 for services performed. 12 Received $2,800 advance on a management consulting engagement. 17 Received cash of $1,300 for services performed for Orville Co. 31 Paid secretary-receptionist $1,500 salary for the month. 31 Paid 50% of balance due Vincent Supply Company. Julia uses the following chart of accounts: No. 101 Cash, No. 112 Accounts Receivable, No. 126 Supplies, No. 201 Accounts Payable, No. 209 Unearned Service Revenue, No. 311 Common Stock, No. 400 Service Revenue, No. 726 Salaries and Wages Expense, and No. 729 Rent Expense. Cash Date Explanation Ref. Debit May 1 J1 May 7 J1 May 11 21700 J1 3500 May 12 J1 1300 May 17 J1 May 31 J1 Accounts Receivable Date May 11 Explanation Ref Debit J1 Supplies Date Explanation Ref. Debit May 3 J1 2600 2500 No. 101 Credit Balance Credit Credit 21700 860 20840 24340 1700 23940 1250 Balance 22690 No. 112 2600 Balance No. 126 2500 Accounts Payable Date May 3 May 31 Explanation Ref. Debit Credit Unearned Service Revenue Date May 12 Common Stock J1 J1 Explanation Ref. Debit J1 1250 Credit Date Explanation Ref. Debit Credit May 1 J1 Service Revenue Date Explanation Ref. Debit Credit May 11 J1 May 17 J1 2500 3500 21700 2600 Balance No. 201 2500 1250 Balance No. 209 3500 Balance No. 311 21700 Balance No. 400 2600 1300 3900 Salaries and Wages Expense Date Explanation Ref. Debit May 31 J1 Rent Expense Date May 7 Explanation Ref. Debit J1 1700 860 Credit Balance Credit Balance No. 726 1700 No. 729 860
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