Question

DE cott Jameson opened a translation business on January 2015 During the first month of perations, the business completed the following transactions 2 The business received $40,000 cash from Scott Jameson, which was deposited in a business bank account entitled Jameson Translation Service. 3 Purchased supplies, $750, and furniture. $2,800, on account. 3 Paid January rent expense, $1,100. 4 Performed translation services for a client and received cash $2.250. 7 Paid $28,000 cash to acquire land for a future office site 11 Translated a brochure for a client and billed the client $1,200. 15 Paid secretary salary, $975. 16 Paid for the furniture purchased January 3 on account 18 Received partial payment from client on account, S600 19 Translated legal documents for a client on accounu si 350. 22 Paid the water and electricity bills $300. 29 Received $2.700 cash for translation for a client in an overseas business trans- action 31 Paid secretary salary. $975. 31 Scott Jameson withdrew $2,000 for personal use.

Answer 1

23 Credit Debit 40,000 24 Date Account Title & Explanation 02-Jan Cash Scott Jameson, Capital (To record amount invested in business) 25 40,000 26 27 28 29 30 31 750 2,800 03-Jan Supplies Furniture Accounts Payable (To record purchase of Supplies and furniture) 3,550 32 33 1,100 34 03-Jan Rent expense Cash (To record rent expense) 1,100 35 36 37 2,250 38 04-Jan Cash Translation Revenue (To record revenue) 2,250 39 40 41 28,000 42 07-Jan Land Cash (To record Land purchased) 28,000 43

1,200 45 46 11-Jan Accounts Receivable Translation Revenue (To record revenue) 1,200 47 48 49 975 50 15-Jan Salary expense Cash (To reord salary expense) 975 51 52 53 2,800 54 16-Jan Accounts Payable Cash (To record amount paid) 2,800 55 56 57 600 58 18-Jan Cash Accounts Receivable (To reord amount received) 600 59 60 61 1,350 62 19-Jan Accounts Receivable Translation Revenue (To record revenue) 1,350 63

300 65 66 22-Jan Utilities expense Cash (To record utilities expense) 300 67 68 69 2,700 29-Jan Cash Translation Revenue (To record revenue) 2,700 70 71 72 73 74 75 975 31-Jan Salary expense Cash (To reord salary expense) 975 76 77 2,000 78 31-Jan Scott Jameson, Withdrawals Cash (To reord withdrawls) 2,000 79