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JOURNAL ENTRIES Jean Akins opened a consulting business. Journalize the following transactions that occurred during the month of January of the current year using the modified cash basis and a combination journal. Set up special columns for Consulting Fees (credit) and Wages Expense (debit).
Jan. 1 Invested cash in the business, $10,000.2 Paid office rent, $500.3 Purchased office equipment on account from Business Machines, Inc., $1,500.5 Received cash for services rendered, $750.8 Paid telephone bill, $65.10 Paid for a magazine subscription (miscellaneous expense), $15.11 Purchased office supplies on account from Leo's Office Supplies, $300.15 Paid for one-year liability insurance policy, $150.18 Paid part-time help, $500.21 Received cash for services rendered, $350.25 Paid electricity bill, $85.27 Withdrew cash for personal use, $100.29 Paid part-time help, $500.
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