Brown Consulting Services organized as a corporation 011 January 18 and engaged in the following transactions during its first two weeks of operation:
Jan. 18 | Issued capital stock in exchange for $30,000 cash. |
Jan. 22 | Borrowed $20,000 from its bank by issuing a note payable. |
Jan. 23 | Paid $100 for a radio advertisement aired on January 24. |
Jan. 25 | Provided $ 1,000 of services to clients for cash. |
Jan. 26 | Provided $2,000 of services to clients on account. |
Jan. 31 | Collected $800 cash from clients for the services provided on January 26. |
a. Record each of these transactions.
b. Determine the balance in the Cash account on January 31. Be certain to state whether the balance is debit or credit.
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