ACCT 1100 Comprehensive Problem #1

n June 1, 2017, Carl Kluber started his CPA firm, Carl Kluber, CPA Inc. The firm is a service company, but also sells proprietary tax software, along with hardware, that has been very successful and is used by many CPAs. The following transactions occurred during the company's first month. Carl Kluber, CPA Inc. uses a perpetual inventory system Kluber invested $50,000 cash, $10,000 inventory (software and hardware), and office equipment worth $25,000 to the company in exchange for 1,000 shares of common stock. The common stock has a par value of S JUNE1 JUNE 1 JUNE 2 JUNE 2 The frm paid $4,800 cash for the premium on a 12-month life insurance policy. Coverage The firm paid $10,000 for leasehold improvements. The firm purchased $800 of office supplies for cash. begins on June 1st JUNE 10 The firm rented office space by paying $2,000 cash for the first month's (June) rent JUNE 14 The firm paid $2,500 cash for two weeks' salaries earned by employees JUNE 15 The bonds to investors to raise more capital. $10,000 par value sold at a price of 95. JUNE 16 The firm performed tax services on account with terms 1/10, n/30 for $10,000