Record the following transactions Transactions 1. On January 1st, J. Spinelli invests $20 000 cash and an

Record the following transactions
 

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Transactions 1. On January 1st, J. Spinelli invests $20 000 cash and an automobile valued at $ 25 000 in a company called Spinelli Accounting Services Inc. 2. On January 3rd performed an accounting service for a client for $1000 cash. 3. Company purchased supplies for $400 on January 5th. 4. On January 7th performed accounting services for Madonna Enterprises totalling $500. Madonna Enterprises pays $250 now and the balance is on account. 5. On January 12th, the company performs another service for $1000 and receives $500 in cash and the balance payable on account. 6. On January 15th, the company pays $1 500 for rent for three months, of which $500 is for the month of January. 7. On January 18th, the owner withdraws $1000 for personal use. 8. The company pays to advertise the business on January 20th for the amount of $3 000. The advertisement is to run for three months including the month of January 9. The company bought a computer on credit for $500 on January 21st. 10. On January 22nd, the company buys a vacant lot of land for $10 000 $5000 was paid in cash and the rest on a loan. 11. Received payment on January 23rd for $250 on account. 12. The company purchased computer equipment for $1000 on account on January 25th 13. The owner uses $50 to pay for gas for the company car on January 28th 14. On January 30th, received $200 on account. 15. On January 31st, the company pays off $1 000 of the loan from the purchase of the land on January 22nd. 16. On January 31st the company received $3 000 in cash for accounting services to be performed the following three months. Transactions 1. On January 1st, J. Spinelli invests $20 000 cash and an automobile valued at $ 25 000 in a company called Spinelli Accounting Services Inc. 2. On January 3rd performed an accounting service for a client for $1000 cash. 3. Company purchased supplies for $400 on January 5th. 4. On January 7th performed accounting services for Madonna Enterprises totalling $500. Madonna Enterprises pays $250 now and the balance is on account. 5. On January 12th, the company performs another service for $1000 and receives $500 in cash and the balance payable on account. 6. On January 15th, the company pays $1 500 for rent for three months, of which $500 is for the month of January. 7. On January 18th, the owner withdraws $1000 for personal use. 8. The company pays to advertise the business on January 20th for the amount of $3 000. The advertisement is to run for three months including the month of January 9. The company bought a computer on credit for $500 on January 21st. 10. On January 22nd, the company buys a vacant lot of land for $10 000 $5000 was paid in cash and the rest on a loan. 11. Received payment on January 23rd for $250 on account. 12. The company purchased computer equipment for $1000 on account on January 25th 13. The owner uses $50 to pay for gas for the company car on January 28th 14. On January 30th, received $200 on account. 15. On January 31st, the company pays off $1 000 of the loan from the purchase of the land on January 22nd. 16. On January 31st the company received $3 000 in cash for accounting services to be performed the following three months.

Answer rating: 100% (QA)

Table recording the transactions Date Transaction Description Debit Credit Jan 1 J Spinelli invests ... View the full answer