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First Month Transactions of CPA Business

Jane Kent is a licensed CPA who started her own business. In May, she invested $25,000, hired a secretary for $2,000 per month, and purchased $2,500 in supplies. She paid $900 in rent, billed a client $2,100 and received a $3,500 payment for an upcoming project. Jane received $1,200 from another client and paid expenses of $2,000 for salary and $1,000 to a supplier.

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386 views1 page

First Month Transactions of CPA Business

Jane Kent is a licensed CPA who started her own business. In May, she invested $25,000, hired a secretary for $2,000 per month, and purchased $2,500 in supplies. She paid $900 in rent, billed a client $2,100 and received a $3,500 payment for an upcoming project. Jane received $1,200 from another client and paid expenses of $2,000 for salary and $1,000 to a supplier.

Uploaded by

Anbu jaromia
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© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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Jane Kent is a licensed CPA During the first month

Jane Kent is a licensed CPA. During the first month of operations of her business, the following
events and transactions occurred.May 1 Kent invested $25,000 cash.2 Hired a secretary-
receptionist at a salary of $2,000 per month.3 Purchased $2,500 of supplies on account from
Read Supply Company.7 Paid office rent of $900 cash for the month.11 Completed a tax
assignment and billed client $2,100 for services provided.12 Received $3,500 advance on a
management consulting engagement.17 Received cash of $1,200 for services completed for H.
Arnold Co.31 Paid secretary-receptionist $2,000 salary for the month.31 Paid 40% of balance
due Read Supply Company.Jane uses the following chart of accounts: No. 101 Cash, No. 112
Accounts Receivable, No. 126 Supplies, No. 201 Accounts Payable, No. 205 Unearned
Revenue, No. 301 Jane Kent, Capital; No. 400 Service Revenue, No. 726 Salaries Expense,
and No. 729 Rent Expense. Instructions(a) Journalize the transactions.(b) Post to the ledger
accounts.(c) Prepare a trial balance on May 31, 2010.View Solution:
Jane Kent is a licensed CPA During the first month
SOLUTION-- http://accountinginn.online/downloads/jane-kent-is-a-licensed-cpa-during-the-first-
month/

For Solutions Visit accountinginn.online


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