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Jane Kent is a licensed CPA. During the first month of operations of her business, Jane

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Jane Kent is a licensed CPA. During the first month of operations of her business, Jane;Kent, Inc., the following events and transactions occurred.;May 1 Stockholders invested $25,000 cash in exchange for common stock.;2 Hired a secretary-receptionist at a salary of $2,000 per month.;3 Purchased $2,500 of supplies on account from Read Supply Company.;7 Paid office rent of $900 cash for the month.;11 Completed a tax assignment and billed client $2,100 for services provided.;12 Received $3,500 advance on a management consulting engagement.;17 Received cash of $1,200 for services completed for H. Arnold Co.;31 Paid secretary-receptionist $2,000 salary for the month.;31 Paid 40% of balance due Read Supply Company.;Jane uses the following chart of accounts: No. 101 Cash, No. 112 Accounts Receivable, No. 126;Supplies,No. 201 Accounts Payable,No. 205 Unearned Revenue,No. 311 Common Stock,No. 400;Service Revenue, No. 726 Salaries Expense, and No. 729 Rent Expense.;Journalize transactions, post;and prepare a trial balance.;(SO 2, 4, 6, 7);www. wi ley.com/college/weygan dt;Instructions;(a) Journalize the transactions.;(b) Post to the ledger accounts.;(c) Prepare a trial balance on May 31, 2008

 

Paper#24695 | Written in 18-Jul-2015

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