PROBLEM 2.23: Simple Transactions

A. Devon formed a consulting business, Devo Management Consulting in September. Operations begin in October. The following events occurred during the month of September:

1. Devon invested $100,000 into the business.
2. She hired an assistant who will be paid $4,000 per month. The assistant begins work on Oct. 1.
3. Signed a 5-year office lease agreement at $1,000 per month. Paid first 3 months in advance. Move in date is 10/1.
4. Borrowed $100,000 from the local bank - assume last day of the month. The loan bears interest at 6%.
5. Purchased $40,000 in office equipment and $60,000 in computer equipment - assume last day of the month. The office equipment will be used for 10 years. The computer equipment will be used for 4 years.

The following events occurred during the month of October:

1. Performed consulting Job #1 and was paid $2,500.
2. Performed consulting Job #2 and billed customer for $4,000. Bill is due in Nov.
3. Received an advance payment of $1,000 on Job #3. Work will begin in November.
4. Paid assistant $2,000 for the first half of the months work.
5. Received utility bills [electric, phone, gas, etc.] for the month of October totaling $250.
6. $1,500 payments to the bank - $5,000 to cover October loan interest on the loan, with the remainder going to principal.

I have finished the Part A Simple transactions table posted above all I need completed is what I am posting below which is the Journal and the T Accts charts.

If an expert can please complete the Journal and the T Acct as soon as possible I would really appreciate it. Please and thank you in advance.

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