Problem 3-2B Adam Uppe, public Accountant, completed these transactions during S

Question

Problem 3-2B Adam Uppe, public Accountant, completed these transactions during September 2001, the first month of operations: Began a public accounting practice by investing $4,200 in cash and office equipment having a $4,800 fair value. Sept 1 1 Paid two months rent in advance for office $1,800. 2Purchased on credit office equipment $420, and office supplies $75. 4 4 Completed accounting work for a client and received payment $180 cas 8 Completed accounting work on credit for Frontier Bank, $700. 10 Paid for the items purchased on September 2. 14 Paid the amiual s750 premium on an insince poliey. Received payment in full from Frontier Bank for September 8 work. 24 28 29 Purchased additional ofice supplies on credit, $45. 30 18 Completed accounting work on credit for Travis Realty, $500 Adam Uppe withdrew $300 cash from business for personal expense. Paid the September utility bill, $165. Required: Prepare General Journal entries to record the transactions.

Explanation / Answer

Date Accounts Title Dr Cr 1-Sep Cash $4,200 Office Equipment 4800 Adam Uppe capital $9,000 (being cash and office equipment invested ) 1-Sep Prepaid Rent $1,800 Cash $1,800 (being rent paid in advance recorded) 2-Sep Office Equipment $420 Office Supplies 75 Accounts payable $495 (being office equipment and supplies purcahsed on credit) 4-Sep Cash $180 Service Revenue $180 8-Sep Accounts receivable $700 Service Revenue $700 (being work done on credit recorded) 10-Sep Accounts payable $475 Cash $475 14-Sep Prepaid Insurance $750 Cash $750 18-Sep Cash $700 Accounts receivable $700 24-Sep Accounts receivable $500 Service Revenue $500 28-Sep Adam Uppe Drawing $300 Cash $300 29-Sep Office supplies $75 Accounts payable $75 30-Sep Utilities expenses $165 Cash $165 Note if Service revenue titl is not in option you can use Fees earned If any doubt please comment. If satisfied please rate

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