Analysis for Service Company, Ortiz Accounting During the first month of operation of his business (a sole
Question:
Analysis for Service Company, Ortiz Accounting During the first month of operation of his business (a sole proprietorship), the following events and transactions occurred
December 1 Ortiz begins practice as accounting and invest $20,000 cash
December 2 Purchases equipment on account from Office Corp for $17,280
December 4 Employs a secretary for the office
December 5 Purchases supplies for cash, $942
December 8 Receives cash of $1,690 from clients for service performed and completed
December 10 Pays miscellaneous office expense, $430 cash
December 14 Bills clients $5,820 for service performed
December 30 Pays the following expenses in cash salaries and wages $1,800 miscellaneous office expense $85
December 30 Pays $500 for rent for the month of
December December 30 Purchased a new computer for $1,500
Instructions
1 Journalize the transactions in the general journal (Omit explanations)
2 Enter the transactions in appropriate general ledger accounts (use T-account)
Financial and Managerial Accounting
ISBN: 978-1285078571
12th edition
Authors: Carl S. Warren, James M. Reeve, Jonathan Duchac