Ayala Architects incorporated as licensed architects on April 1,2017. During the

Question

Ayala Architects incorporated as licensed architects on April 1,2017. During the frst month of the operation of the business, these events and transactions occurred: Apr. 1 Stockholders invested $ 24,930 cash in exchange for common stock of the corporat 1 Hired a secretary-receptionist at a salary of $ 519 per week, payable monthly. 2 Paid office rent for the month $ 1,246. 3 Purchased architectural supplies on account from Burmingham Company $ 1,800. 10 Completed blueprints on a carport and billed client $ 2,631 for services. 11 Received $ 969 cash advance from M. Jason to design a new home. 20 Received $ 3,878 cash for services completed and delivered to S. Melvin. 30 Paid secretary-receptionist for the month $2,076. 30 Paid $415 to Burmingham Company for accounts payable due.

Explanation / Answer

SOLUTION:

Date Particulars Debit Credit 01-Apr Cash $24,930 Common Stock $24,930 01-Apr No Journal entry $0 No Journal entry $0 02-Apr Rent expense $1,246 Cash $1,246 03-Apr Supplies $1,800 Accounts payable $1,800 10-Apr Accounts receivable $2,631 Service revenue $2,631 11-Apr Cash $969 Unearned service revenue $969 20-Apr Cash $3,878 Service revenue $3,878 30-Apr Salaries expense $2,076 Cash $2,076 30-Apr Accounts payable $415 Cash $415

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