Question
x is a licensed incorporated CPA. During the first month of operations of the business, the following events and transactions occurred. (a) Journalize the transactions.
x is a licensed incorporated CPA. During the first month of operations of the business, the following events and transactions occurred. (a) Journalize the transactions.
1. Sept. 1 Invested $40,000 cash in exchange for common stock
2. Sept. 2 Hired a secretary-receptionist at a salary of $2,470 per month (Hint: Did the secretary work for us to this point?)
3. Sept. 3 Purchased $1,500 of supplies on account from Ross Supply Company
4. Sept. 7 Paid office rent of $1,500 for the month
5. Sept. 11 Completed a tax assignment and billed client $1,900 for services rendered
6. Sept. 12 Received $7,000 advance on a management consulting engagement
7. Sept. 17 Received cash of $2,350 for services completed for Mutter Company
8. Sept. 31 Paid secretary-receptionist $2,480 salary for the month
9. Sept. 31 Paid 40% of balance due Ross Supply Company
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