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2)Gary Bauer opens a computer consulting business...

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2)Gary Bauer opens a computer consulting business called Technology Consultants and completes the following transactions in April. April 1 Bauer invested $100,000 cash along with $24,000 in office equipment in the company. 2 The company prepaid $7,200 cash for twelve months? rent for an office. (Hint: Debit Prepaid Rent for $7,200.) 3 The company made credit purchases of office equipment for $12,000 and office supplies for $2,400. Payment is due within 10 days. 6 The company completed services for a client and immediately received $2,000 cash. 9 The company completed a $8,000 project for a client, who must pay within 30 days. 13 The company paid $14,400 cash to settle the account payable created on April 3. 19 The company paid $6,000 cash for the premium on a 12-month insurance policy. (Hint: Debit Prepaid Insurance for $6,000.) 22 The company received $6,400 cash as partial payment for the work completed on April 9. 25 The company completed work for another client for $2,640 on credit. 28 Bauer withdrew $6,200 cash from the company for personal use. 29 The company purchased $800 of additional office supplies on credit. 30 The company paid $700 cash for this month?s utility bill. Open the ledger accounts for the account titles referred in part 1 and post the journal entries from part 1 to the ledger accounts and enter the balance after each posting

 

Paper#5098 | Written in 18-Jul-2015

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