Problem 2-2A (Part Level Submission) Julia Dumars is a licensed CPA. During the

Question

Problem 2-2A (Part Level Submission)

Julia Dumars is a licensed CPA. During the first month of operations of her business, Larkspur, Inc., the following events and transactions occurred.

Julia Dumars uses the following chart of accounts: No. 101 Cash, No. 112 Accounts Receivable, No. 126 Supplies, No. 201 Accounts Payable, No. 209 Unearned Service Revenue, No. 311 Common Stock, No. 400 Service Revenue, No. 726 Salaries and Wages Expense, and No. 729 Rent Expense.

Journalize the transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter "0" for the amounts.)

Date

Account Titles and Explanation

Debit

Credit

May 1 Stockholders invested $21,700 cash in exchange for common stock. 2 Hired a secretary-receptionist at a salary of $1,100 per month. 3 Purchased $2,300 of supplies on account from Vincent Supply Company. 7 Paid office rent of $900 cash for the month. 11 Completed a tax assignment and billed client $2,500 for services performed. 12 Received $3,200 advance on a management consulting engagement. 17 Received cash of $1,800 for services performed for Orville Co. 31 Paid secretary-receptionist $1,100 salary for the month. 31 Paid 50% of balance due Vincent Supply Company.

Explanation / Answer

Date Accounting titles & Explanations Debit Credit 1-May Cash 21,700 Common Stock 21,700 2-May No entry 3-May Supplies 2,300 Accounts payable 2,300 7-May Office rent 900 cash 900 11-May Accounts receivable 2,500 service revenue 2,500 12-May Cash 3,200 unearned service revenue 3,200 17-May cash 1,800 service revenue 1,800 31-May Salaries & wage expense 1,100 cash 1,100 31-May Accounts payable 1150 cash 1,150

Related Questions

Navigate

• Browse (All)
• Browse P
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.