Question

Betty Crusher is a licensed CPA. During the first month of operations of her business (a sole proprietorship), the following events and transactions occurred.

April   2		Invested $27,750 cash and equipment valued at $12,920 in the business.
2		Hired an administrative assistant at a salary of $305 per week payable monthly.
3		Purchased supplies on account $673. (Debit an asset account.)
7		Paid office rent of $574 for the month.
11		Completed a tax assignment and billed client $1,188 for services rendered. (Use Service Revenue account.)
12		Received $3,207 advance on a management consulting engagement.
17		Received cash of $2,354 for services completed for Ferengi Co.
21		Paid insurance expense $105.
30		Paid administrative assistant $1,220 for the month.
30		A count of supplies indicated that $113 of supplies had been used.
30		Purchased a new computer for $7,092 with personal funds. (The computer will be used exclusively for business purposes.)

Journalize the transactions in the general journal. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Record journal entries in the order presented in the problem.)

Answer 1

solution Date credit Accounts title and explanation Debit cash $24.950 Equilment $12.920 owher's capital (to record cash and eauilment] invested $40.670 No entry is required $673 Supplies $673 Accounts Payable [To recard Purchase of supplies] Rent expense $ 574 cash [to recand office rent Paridy 8574 $1,188 April Account's receivable $1,198 Revenue [To Record income receivable] cash $ 3.207 unearned Revenue [To Recard received of Advance 12 $3,207

April 17 $9,354 cash Revenue (To Record cash received) $2,354 April 21 insurance expense $ 105 cash (To Recand insurance Paidy $105 April $ 1.900 30 Salaries exfense cath [To Rescand salaries expenses $1,220 I April 30 supplies expenses $ 113 supplies [to record surnies usedy $113 April 30 cauilment $ 7,092 $7,092 Capital [To record Purchase of I new computer
hi...i tried my level best..if you have any doubts please comment me..thank you