Question

SONY cometete the a started operations ntin CYcle for the period January 1 to February 2n, z018. we bo Tawes Come n as of January 1, 2018 and set up a small office in Edison to prepare tax returns snd 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. Paid six months rent on a lease rental contract, $5,400. Jan 1 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, $1,00o. Paid cash for supplies, $800. Feb 4 Feb 6 Received cash from clients on account $4,500. Paid for January month of telephone bill, $150. Feb 8 Pair for January month of utilities, $500. Feb 8 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.

*unadjusted Trial balance*

**if you write on paper please write neatly

Answer 1

Journal entry Particular Dote WF credit Debit 15000 s or 1000 Jani cash alc account recevable ale Suppiles alc office equipment alc 2000 12000 30,000 To common stock alc are (being assets contributed to common stock) 5400 Jani Rent ale To cash/Bank alc (being rent on lease rental Contract paid for Six months) 5400 Jan3 Premiums on property and alloph Casualty Insurance policies ale or 1800 To cash/ Bank ale | (being Premiums on Property and casualty Insurance polies paid) o fretano 1800

Cash A malari qofo abort Jan 5 Amount Cash alc Dr 6000 Rs. 2.00,000 15,300 6ooo tn 21 Janio To unearned fees alc (being received cash from client as advance payment) cash ale Dr . To client ale to be (being cash received from clients) Jan 29 500 500 lan Jan 20 Advertisingment alc Dr I 350 ood To cash alc (being cash paid for adverti- sing) so 350 Janal computer & office equipment. I ntole ale or da 3500 3500 To staples alc ( being purchase a new computer and office equip ments)

1000 100o Jan 21 Salary acc Dr I To cash ale (being part time salary paid) Jan 29 cash alc o r 110,300 To service reversue alc . ) | (being cash recewed from customer for providing services) 5000 Jan cash ale ISTOC 10 300 Dr 30 5000 To fees ale (being cash received from client for fees earned) olo

Jool 09 ODIO Dr 1500 1 1000 1 Feb Jan 31 Staples ale 100 To cash ale (paid Staples for part of debt incurred). (ber Feb 3 Salary alco Dr 1000 1 feb sal To cash alco ol (being salary paid for work) Feb Supplies alc B Dr I 1800 To cash ald lola 800 (beng cash paid for Supplies) -- Feb | cash alc 4500 - To client alc 4500 feb (being cash received from Client) Feb Telephone bill alc or 150 To cash alc 150 28 Cbeing telephone bill pad)

11500 VID WILL DOOD Feb 500 500 utilities alc To cash ale (being cash paid for utilities) Salary ale Dr To cash alc (being part time Salary paid) Feb 1000 1000 1000 Isro Dr 8500 8500 Dr 4500 28 4500 Feb cash alc 28 To Senice revenue alc (being cash recewed from Providing Service) so feb cash alc To Fees alc (being cash recewed from fee chent for fees) Feb | Dividend alc 28 I To cash ale (being dividend paid) br 8000 8000
these are the journal entries for the transaction