E3-1 Transaction Analysis

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EXERCISES 3-1 (LO2) (Transaction Analysis-Service Company) Beverly Crus sa licensed CPA. During the first month of operations of her business (a so roprietorship), the following events and transactions occurred. April Invested $32000 cash and equipment valued at $14,000 in the 2 business. 2 Hired an administrative assistant at a salary of $290 per week payab monthly 3 Purchased supplies on account $700. (Debit an asset account.) 7 Paid office rent of $600 for the month. 11 Completed a tax assignment and billed client $1,100 for services rendered. (Use Service Revenue account.) 12 Received $3,200 advance on a management consulting engagement 17 Received cash of $2,300 for services completed for Ferengi Co. 21 Paid insurance expense $110. 30 Paid administrative assistant $1,160 for the mont 30 A count of supplies indicated that S120 of supplies had been used. 30 Purchased a new computer for $6,100 with personal funds. (The computer will be used exclusively for business purposes.) EXERCISES 3-1 (LO2) (Transaction Analysis-Service Company) Beverly Crus sa licensed CPA. During the first month of operations of her business (a so roprietorship), the following events and transactions occurred. April Invested $32000 cash and equipment valued at $14,000 in the 2 business. 2 Hired an administrative assistant at a salary of $290 per week payab monthly 3 Purchased supplies on account $700. (Debit an asset account.) 7 Paid office rent of $600 for the month. 11 Completed a tax assignment and billed client $1,100 for services rendered. (Use Service Revenue account.) 12 Received $3,200 advance on a management consulting engagement 17 Received cash of $2,300 for services completed for Ferengi Co. 21 Paid insurance expense $110. 30 Paid administrative assistant $1,160 for the mont 30 A count of supplies indicated that S120 of supplies had been used. 30 Purchased a new computer for $6,100 with personal funds. (The computer will be used exclusively for business purposes.)