Question

twitchroot with you I Sate UniveX Ch 2-2.520 ACCT 2101-01 X G Problem 2-2 A- Video X OB state.edu/d2/e/content/4780390/viewContent/41516793/View Ch. 2-2 Ch. 2-2 TIC Weygandt, Financial and Managerial, je U s Help System Announcements Grace Period: 1 days left Regis Problem 2-02A - (Video) Cheyenne is a licensed CPA. During the first month of operations of her business, Cheyenne Corp., the following events and transactions occurred May 1 Stockholders invested $20,500 cash in exchange for common stock 2 Hired a secretary-receptionist at a salary of $3,000 per month 3 Purchased 1.500 of account from Vincent Supply Company 7 Paid office rent of $820 cash for the month 11 Completed a tax assignment and billed client $3,100 for services performed 12 Received $2,900 advance on a management consulting engagement 17 Received cash of $1,000 for services performed for Orville Co. 31 Paid secretary-receptionist $3,000 salary for the month 31 Paid 50% of balance de 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 Uncame Service Revenue, No. 311 Common Stock, No. 400 Service Revenue, No. 726 Salaries and Wages Expense, and No. 729 Rent Expense. Journalize the transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. Ir ne entry is required select "No Entry for the account s and enter for Date Ac t ies and planation Debit Credit Activity Details

Answer 1

Required journal entries are:

Date	General Journal	Debit	Credit
May 1	101 Cash	$20500
	311 Common stock		$20500
	(for capital invested in exchange for common stock)
May 2	No Entry
May 3	126 Supplies	$1800
	201 Accounts payable		$1800
	(for supplies purchased from Vincent supply company)
May 7	729 Rent expense	$820
	101 Cash		$820
	(for rent paid)
May 11	112 Accounts receivable	$3100
	400 Service revenue		$3100
	(for services performed)
May 12	101 Cash	$2900
	209 Unearned service revenue		$2900
	(for advance received )
May 17	101 Cash	$1000
	400 Service revenue
	(for cash received for services performed)
May 31	726 Salaries & wages expense	$3000
	101 Cash	$3000
	(for salaries paid to secretary- receptionist)
May 31	201 Accounts payable	$900
	101 Cash		$900
	(for cash paid to Vincent supply company)