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ACCT/550 Week 1 Homework Assignment

ACCT/550 Week 1 Homework Assignment

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ACCT 550 Week 1 Homework Assignment

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ACCT 550  Week 1 Homework Assignment

E3-1 (Transaction Analysis—Service Company) Christine Ewing is a licensed CPA. During the first month of operations of her business (a sole proprietorship), the following events and transactions occurred.

April

2

Invested $30,000 cash and equipment valued at $14,000 in the business.

2

Hired a secretary-receptionist at a salary of $290 per week payable monthly.

3

Purchased supplies on account $700. (debit an asset account.)

7

Paid office rent of $600 for the month.

11

Completed a tax assignment and billed client $1,100 for services rendered. (Use Service Revenue account.)

12

Received $3,200 advance on a management consulting engagement.

17

Received cash of $2,300 for services completed for Ferengi Co.

21

Paid insurance expense $110.

30

Paid secretary-receptionist $1,160 for the month.

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