Question: Chapter 2 Review Problem Jane Taylor created Taylor Engineering, Inc. on January 1, 2019. Use the below information to: Prepare journal entries for the

Chapter 2 Review Problem Jane Taylor created Taylor Engineering, Inc. on January

Chapter 2 Review Problem Jane Taylor created Taylor Engineering, Inc. on January 1, 2019. Use the below information to: Prepare journal entries for the month of January. Jan 1: Jane Taylor started an engineering consulting corporation by investing $250,000 cash in the business in exchange for common stock. Jan 2: The company purchased a building for $175,000 by signing a note payable. Jan 5: The company purchased $25,000 of office supplies on account from Staples. Jan 8: The company paid $80,000 cash for a one-year insurance policy. Jan 10: The company completed and delivered a set of plans for a client and billed the client $65,000 (completed a job for the client). Jan 11: The company paid $5,000 for the monthly salaries for the employees. Jan 12: The company completed an engineering consulting job and collected $18,000 cash. Jan 15: The company paid $2,500 for the monthly utilities. Jan 16: The company paid $3,000 for monthly building maintenance charges. Jan 18: The company received $45,000 in partial payment from the client described in the Jan 10 transaction noted above. Jan 20: The company paid $15,000 on the amount due to Staples.

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