Ambitious Emir started an event coordinating business in April 2014. The following transactions relate to the first
Question:
Ambitious Emir started an event coordinating business in April 2014. The following transactions relate to the first month of business:
April 1 To begin the business Emir invested $19,000 cash and $20,000 of equipment.
April 2 Emir paid $6,000 rent for 6 month in advance.
April 5 Purchased $5,000 office equipment on account.
April 6 Bought supplies of $550 paying cash.
April 9 Collected $4,000 for a wedding reception party .
April 12 Emir paid his $80 home utility bill using a company cheque.
April 20 Billed Amy Jones $4,000 for office part event completed.
April 23 Received a bill for advertising in the local paper, $100. Will pay in June.
April 26 Paid Salaries, $700 to employees.
April 30 Paid $2,000 of the amount owed for the office equipment.
April 31 Paid telephone bill of company, $70.
Prepare the journal entries to record these transactions.
Expert Answer:
To record the transactions for the first month of business we need to prepare journal entries Here a... View the full answer
