Paulette LeeJuly 23Acc201 wk 3

Paulette LeeJuly 23Acc201 wk 3 - Lee1 Paulette Lee July 23,...

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Lee1 Paulette Lee July 23, 2011 ACC201 Professor Remedios Week 3 GHA E3-1B (Transaction Analysis—Service Company) Brown 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 $73,600 cash and equipment valued at $32,200 in the business. 2 Hired a secretary-receptionist at a salary of $667 per week, payable monthly. 3 Purchased supplies on account $1,610. (Debit an asset account.) 7 Paid office rent of $1,380 for the month. 11 Completed a tax assignment and billed client $2,530 for services rendered. (Use Service Revenue account.) 12 Received $7,360 advance on a management consulting engagement. 17 Received cash of $5,290 for services completed for Calunga Co. 21 Paid insurance expense $253. 30 Paid secretary-receptionist $2,668 for the month. 30 A count of supplies indicated that $276 of supplies had been used. 30 Purchased a new computer for $14,030 with personal funds. (The computer will be used exclusively for business purposes.) E3-5B (Adjusting Entries) The ledger of Chan
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This note was uploaded on 08/05/2011 for the course ACCT 201 taught by Professor Lynneremedios during the Summer '11 term at Berkeley College.

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Paulette LeeJuly 23Acc201 wk 3 - Lee1 Paulette Lee July 23,...

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