Reference no: EM133159515

Question - Betty Williams incorporated Go Financials, an accounting practice, on 1 July 2020. During the first month of operations of her business, these events and transactions occurred:

1 Shareholders invested $206,000 cash in exchange for shares in the company.

3 Purchased $6600 of supplies on account from Office Supply Ltd.

11 Completed a tax return and invoiced the client $3300 for services provided.

17 Received cash of $3600 for services completed for a customer.

31 Paid receptionist $3000 salary for the month.

31 Paid 60% of balance owing to Office Supply Ltd.

The following chart of accounts are used: Cash, Accounts Receivable, Supplies, Accounts Payable, Revenue Received in Advance, Share Capital, Service Revenue, Salaries Expense, and Rent Expense.

Required - Prepare journal entries for the above-mentioned transactions excluding narrations.