Question

Problem Section: Complete the accounting cycle for the period January 1 to February 28, 2018, We Do Taxes Company started operations as of January 1, 2018 and set up a small office in Edison to prepare tax returns and perform accounting services. Use the information to follow to journalize each transaction on the Journal Sheet. Jan 1 Contributed the following assets for common stock. Cash, $15,000; accounts receivable, $1,000, Supplies, $2,000; and office equipment, $12,000. There were no liabilities contributed Jan 1 Paid six months rent on a lease rental contract, $5,400. Jan 3 Paid premiums on property and casualty insurance policies for the year. $1,800 Jan 5 Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees, $6,000 Jan 10 Received cash from clients on account $500. Jan 20 paid cash for advertising in a local newspaper, $350. Jan 21 Purchased a new computer and other office equipment on account from Staples, $3,500. Jan 21 Paid part-time receptionist for two weeks' salary, $1,000. Jan 29 Recorded services provided on account for the period Jan 1-28, $10,300. Jan 30 Received cash from clients for fees earned during period, Jan 1-20, $5,000. Jan 31 Paid Staples for part of the debt incurred on Jan 21, $1,500. Feb 3 Paid part-time receptionist for two weeks' salary, $1,000. Feb 4 Paid cash for supplies, $800. Feb 6 Received cash from clients on account $4,500. Feb 8 Paid for January month of telephone bill, $150. Feb 8 Pair for January month of utilities, $500. Feb 17 Paid part-time receptionist for two weeks' salary, $1,000. Feb 28 Recorded services provided on account for the period Feb 1-28, $8,500. Feb 28 Recorded cash from cash clients for fees earned for the period Feb 1 - 28, $4,500. Feb 28 Paid dividends, $8,000. OPC F3 F8 F10 F11

journal entry

**if your write it on paper, please write neatly.***

Answer 1

Date	Description	Post Ref	Debit	Credit
Jan-01	Cash		15,000
	Account receivable		1,000
	Supplies		2,000
	Office Equipment		12,000
	To, common stock			30,000
Jan-01	Rent expense		1,800
	Prepaid rent		3,600
	To, cash			5,400
Jan-03	Insurance expense		360
	Prepaid insurance		1,440
	To,cash			1,800
Jan-05	Cash		6,000
	To, unearned revenue			6,000
Jan-10	Cash		500
	To,Account receivable			500
Jan-20	Advertisment expense		350
	To, cash			350
Jan-21	Computer		3,500
	To, Staples			3,500
Jan-21	Salary		1,000
	To, cash			1,000
Jan-29	Account receivable		10,300
	To, service revenue			10,300
Jan-30	Cash		5,000
	To,Account receivable			5,000
Jan-31	Staples		1,500
	To, cash			1,500
Feb-03	Salary		1,000
	To, cash			1,000
Feb-04	Supplies		800
	To, cash			800
Feb-06	Cash		4,500
	To,Account receivable			4,500
Feb-08	Telephone Expense		150
	To, cash			150
Feb-08	Utility Expenses		500
	To, cash			500
Feb-17	Salary		1,000
	To, cash			1,000
Feb-28	Account receivable		8,500
	To, service revenue			8,500
Feb-28	Cash		4,500
	To,Account receivable			4,500
Feb-28	Dividend		8,000
	To, cash			8,000