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Santo Birch opens a Web consulting business called...




Santo Birch opens a Web consulting business called Show-Me-the-Money and completes the following transactions in its first month of operations. March 1 Birch invests $150,000 cash along with office equipment valued at $22,000 in the company. 2 The company prepaid $6,000 cash for twelve months' rent for office space. (Hint: Debit Prepaid Rent for $6,000.) 3 The company made credit purchases for $3,000 in office equipment and $1,200 in office supplies. Payment is due within 10 days. 6 The company completed services for a client and immediately received $4,000 cash. 9 The company completed a $7,500 project for a client, who must pay within 30 days. 13 The company paid $4,200 cash to settle the account payable created on March 3. 19 The company paid $5,000 cash for the premium on a 12-month insurance policy. (Hint: Debit Prepaid Insurance for $5,000.) 22 The company received $3,500 cash as partial payment for the work completed on March 9. 25 The company completed work for another client for $3,820 on credit. 29 Birch withdrew $5,100 cash from the company for personal use. 30 The company purchased $600 of additional office supplies on credit. 31 The company paid $200 cash for this month's utility bill. Record these transactions using the following titles: Cash, Accounts Receivable, Office Supplies, Prepaid Insurance, Prepaid Rent, Office Equipment, Accounts Payable, S. Birch, Capital, S. Birch, Withdrawals, Services Revenue, and Utilities Expense


Paper#6553 | Written in 18-Jul-2015

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