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Journal entries for various transactions in sole proprietorship.
1. Complete Exercises E3-1 (Transaction Analysis - Service Company) Beverly 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 $32,000 cash and equipment valued at $14,000 in the business
2
Hired a secretary-receptionist at a salary of $290 a week payable monthly
3
Purchased supplies on an account $700. (Debit an asset account.)
7
Paid office rent of $600 for the month
11
Completed a tax assignment and billed client $1,100 for services they rendered. (Use Service Revenue account.)
12
Received $3,200 advance on a management consulting engagement.
17
Received cash of $2,300 for services completed for Ferengi Co.
21
Paid insurance expenses at $110.
30
Paid secretary-receptionist $1,160 for the month.
A count of supplies indicated that $120 of supplies had been used.
Purchased a new computer for $6,100 with personal funds. (The computer will be used exclusively for business purposes.)
Instructions
Journalize the transactions in the general journal. (Omit explanations)
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