> Question 1 100 JD Simpson started a new business called The Simpson Co. that began operations on May 1. Simpson completed the following transactions during the month. May 1 Simpson invested $40,000 cash in the business. 1 Rented a furnished office and paid $2,200 cash for May's rent 3 Purchased office equipment for $1,890 on credit. 00 8 Provided consulting services for a client and immediately collected $5,400 cash. 12 Provided $2,500 of consulting services for a client on credit. 15 Paid $750 cash for an assistant's salary for the first half of this month. 20 Received cash payment in full for the services provided on May 12 30 Purchased $80 of advertising. 30 Paid $300 cash for this month's telephone bill. 30 Paid $280 cash for this month's utilities 30 Simpson withdrew $1,400 cash from the business for personal use. Adjusting Entries. 1. Depreciation of equipment for May is $150. 2. Accrued receptionist salary on May 30 is $150. 3. Simpson earned $3,000 for consulting services which have not bee For the above transactions, complete the accounting cycle: 1. Journal entries for the dated transactions. 2. Post to the ledger (trial balance) 3. Adjusting journal entries for the numbered transactions. 4. Financial statements 5. Closing entries Edit View Insert Format Tools Table 14pt Paragraph B I VAT