Comprehensive Problem - Fred Silverman began a business called Silverman Accounting Service on March 1, 2022. You have just been hired as the bookkeeper for the business. The following transactions occurred during the first month of operations:

3/1 Silverman Accounting Service began operations when Fred invested $14,000 cash, a computer worth $4,000, and office furniture worth $12,000. This can all be recorded in one journal entry, all of this is considered an owner investment (hint you will have 3 debits and one credit).

3/1 The business purchased insurance and paid $3,000 cash for a six-month policy. The policy coverage period begins on March 1 of this year.

3/2 They moved into the new office space and paid $4,000 for the monthly rent.

3/4 The owner went to the office supply store and purchased $800 of office supplies for cash.

3/12 The business performed accounting services for a client and received $3,000 in cash. (Note there are two revenue accounts, keep this in mind every time you record either accounting service revenue or tax service revenue).

3/15 Fred completed a complicated tax return for a client and sent them an invoice for $6,000. The client agreed to pay before the end of the month.

3/18 You calculated the payroll costs and paid the employees salaries of $2,000.

3/19 The business purchased supplies of $1,500 on account (for credit, we will pay for these supplies later).

3/20 Finished an accounting services job and received $5,000 cash.

3/22 Collected $4,000 in advance for tax services to be completed next month.

3/25 Collected $6,000 from the client billed on 3/15.

3/27 Received the utility bill of $2,500. The bill will be paid next week.

3/28 Performed accounting services on account (for credit, we will collect this money next month), $3,500.

3/30 Paid $1,000 of the amount we owed from the 3/19 purchase.

3/31 Fred withdrew cash of $7,500.

Requirements:

1. Record each transaction in the general journal using the following chart of accounts. Explanations are not necessary.

101	Cash
105	Accounts receivable
110	Office supplies
115	Prepaid insurance
130	Computer equipment
131	Accumulated depreciation, computer equipment
140	Furniture
141	Accumulated depreciation, furniture
201	Accounts payable
205	Salaries payable
210	Unearned tax services revenue
301	F. Silverman, Capital
301	F. Silverman, Withdrawals
401	Accounting services revenue
402	Tax service s revenue
502	Rent expense
504	Office supplies expense
506	Salaries expense
508	Utilities expense
520	Depreciation expense, computer equipment
522	Depreciation expense, furniture
530	Insurance expense