Answer to Question #239878 in Other for Gundo

Question

June 1. The following assets were received from Emily Page: cash, $20,000; accounts receivable, $4,500; supplies, $2,000; and office equipment, $11,500. There were no liabilities received.

1. Paid three months’ rent on a lease rental contract, $6,000.

 2. Paid the premiums on property and casualty insurance policies, $2,400.

 4. Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees, $2,700.

5. Purchased additional office equipment on account from Office Depot Co., $3,500.

6. Received cash from clients on account, $3,000.

10. Paid cash for a newspaper advertisement, $200.

12. Paid Office Depot Co. for part of the debt incurred on June 5, $750.

12. Recorded services provided on account for the period June 1–12, $5,100.

14. Paid part-time receptionist for two weeks’ salary, $1,100.

Answer 1

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