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Using proper format, journalize the tollowing business transactions in the General Journal on the following page. Do not forget to include the relevant date and
Using proper format, journalize the tollowing business transactions in the General Journal on the following page. Do not forget to include the relevant date and include an explanation for each entry Chart of Accounts (inside cover of your textbook)-DO NOT CREATE YOUR OWN ACCOUNT NAMES February Mike Ross (Ross) invests S45,000 in cash in Ross Paralegals to start a new sole proprietorship. Februaryss donates his old Mac computer (including hard drive) to Ross Paralegals. The market value of the computer equipment is has a market value of S2000 February Ross's mom donates her old couch and coffee February Ross purchases S1,450 of office supplies from Februaryss purchases $4,275 of office furniture from February Ross signs a lease with Litt properties. Pursuant February Ross advertises the opening of his new practice table to Ross Paralegals. The used furniture has a market value of S500. Staples on credit. Ikea on credit. to the terms of the lease, Ross prepays rent for 6 months. The monthly lease payment is $1,200 in the local newspaper. is S400; payment is due in 30 days. The cost of the advertisement February oss creates a webpage through GoDaddy.com The monthly cost of maintaining the site is $129. Ross pa ys for the first month on February 3 Ross has his first client J. The client (client A) gives Ross a retainer in the amount of S600. Ross has not yet provided any legal services to the client. February 8 Thanks to his advertising, Ross has a number of clients walk through his door. Ross provides legal services for 3 separate clients: He bills client B $400, and is paid immediately He bills client C $425, and is paid immediately He bills client D $525, but has not yet been paid. February 14 oss pays S1,100 for the salary of his assistant, Donna. February 14 Ross withdraws S1,250 to purchase a Valentine's gift for his ex-girlfriend, Rachel
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