J. D. Simpson started The Simpson Co., a new business that began operations on M

Question

J. D. Simpson started The Simpson Co., a new business that began operations on May 1. The Simpson Co. completed the following transactions during its first month of operations. May 1 J. D. Simpson invested $40,500 cash in the company in exchange for common stock. 1 The company rented a furnished office and paid $2,600 cash for May’s rent. 3 The company purchased $1,920 of office equipment on credit. 5 The company paid $730 cash for this month’s cleaning services. 8 The company provided consulting services for a client and immediately collected $5,900 cash. 12 The company provided $2,900 of consulting services for a client on credit. 15 The company paid $710 cash for an assistant’s salary for the first half of this month. 20 The company received $2,900 cash payment for the services provided on May 12. 22 The company provided $3,800 of consulting services on credit. 25 The company received $3,800 cash payment for the services provided on May 22. 26 The company paid $1,920 cash for the office equipment purchased on May 3. 27 The company purchased $85 of advertising in this month’s (May) local paper on credit; cash payment is due June 1. 28 The company paid $710 cash for an assistant’s salary for the second half of this month. 30 The company paid $300 cash for this month’s telephone bill. 30 The company paid $280 cash for this month’s utilities. 31 The company paid $1,500 cash for dividends. J. D. Simpson started The Simpson Co., a new business that began operations on May 1. The Simpson Co. completed the following transactions during its first month of operations.

Explanation / Answer

http://justbusinessopportunities.co.uk/accounting-homework-problem/

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