Leonard Matson completed these transactions during December of the current year: Dec. I Began a financial...

 

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Leonard Matson completed these transactions during December of the current year: Dec. I Began a financial services business by investing $50,000 cash. 3 Performed services for Acme Loan Co. on credit, $4,000. 7 Received $3,000 cash from Acme Loan Co. for the work completed December 3. 16 Received $5,000 from a elient for services to be rendered next year. 17 Paid for the annual insurance premium, $4,500. 18 Purchase $9,000 of office equipment for cash. 19 Purchase $2,500 of office supplies on credit. 23 Completed services for a client and immediate received the Cash of $8,500. 30 Paid for the office supplies purchased on credit on December 19. 30 Paid $200 cash for the December utility bill. 31 Leonard withdrow $9,000 cash for personal use. REQUIRED: In the space below, prepare general journal entries to record these transactions. Leonard Matson completed these transactions during December of the current year: Dec. I Began a financial services business by investing $50,000 cash. 3 Performed services for Acme Loan Co. on credit, $4,000. 7 Received $3,000 cash from Acme Loan Co. for the work completed December 3. 16 Received $5,000 from a elient for services to be rendered next year. 17 Paid for the annual insurance premium, $4,500. 18 Purchase $9,000 of office equipment for cash. 19 Purchase $2,500 of office supplies on credit. 23 Completed services for a client and immediate received the Cash of $8,500. 30 Paid for the office supplies purchased on credit on December 19. 30 Paid $200 cash for the December utility bill. 31 Leonard withdrow $9,000 cash for personal use. REQUIRED: In the space below, prepare general journal entries to record these transactions.

Answer rating: 100% (QA)

JOURNAL ENTRIES Date Particulars Dr Amount Cr Amount December 1 Cash ac 50000 To ... View the full answer