Ayala Architects incorporated as licensed architects on April 1, 2017. During the first month of the operation of the business, these events and transactions occurred: Apr. 1   Stockholders invested $18,450 cash in exchange for common stock of the corporation. 1   Hired a secretary-receptionist at a salary of $384 per week, payable monthly. 2   Paid office rent for the month $923. 3   Purchased architectural supplies on account from Burmingham Company $1,333. 10   Completed blueprints on a carport and billed client $1,948 for services. 11   Received $718 cash advance from M. Jason to design a new home. 20   Received $2,870 cash for services completed and delivered to S. Melvin. 30   Paid secretary-receptionist for the month $1,536. 30   Paid $308 to Burmingham Company for accounts payable due.     Journalize the transactions.   Post to the ledger T-accounts.   Prepare a trial balance on April 30, 2017.

Barbara Jones opened Barb’s Book Business on February 1. You have been hired to maintain the company’s financial records. The following transactions occurred in February, the first month of operations.    a. Received shareholders’ cash contributions on February 1 totaling $19,000 to form the corporation; issued 1,000 shares of common stock. b. Paid $3,060 cash on February 2 for three months’ rent for office space.  TIP: For convenience, simply record the full amount of the payment as an asset (Prepaid Rent). At the end of the month, this account will be adjusted to its proper balance. c. Purchased and received supplies on February 3 for $695 cash. d. Signed a promissory note on February 4, payable in two years; deposited $12,900 in the company’s bank account. e. On February 5, paid cash to buy equipment for $5,000 and land for $7,900. f. Placed an advertisement in the local paper on February 6 for $500 cash. g. Recorded sales on February 7 totaling $2,150; $1,250 was in…

Blue Spruce Architects incorporated as licensed architects on April 1, 2022. During the first month of the operation of the business, these events and transactions occurred: Apr. 1 Stockholders invested $26,100 cash in exchange for common stock of the corporation. 1 Hired a secretary-receptionist at a salary of $544 per week, payable monthly. Paid office rent for the month $1,305. Purchased architectural supplies on account from Burmingham Company $1,885. 10 Completed blueprints on a carport and billed client $2,755 for services. 11 Received $1,015 cash advance from M. Jason to design a new home. 20 Received $4,060 cash for services completed and delivered to S. Melvin. 30 Paid secretary-receptionist for the month $2,176. 30 Paid $435 to Burmingham Companyfor accounts payable due. (a) Journalize the transactions. (If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not…

Pen Supply Corp. began operations on March 1, 20Y5. On this date, the company paid for the following expenses: legal fees related to organization, $5,000; rent for the upcoming month, $1,500; license fees, $2,000; promotional costs, $1,200; and insurance for the fiscal year, $9,000. Prepare the journal entry to record the organizational expenses paid.

Janet Enterprises incorporated on May 3, current year. The company engaged in the following transactions during its first month of operations. May  3: Issued capital stock in exchange for $950,000 cash. May  4: Paid May office rent expense of $1,800. May  5: Purchased office supplies for $600 cash. The supplies will last for several months. May 15: Purchased office equipment for $12,400 on account. The entire amount is due June 15. May 18: Purchased a company car for $45,000. Paid $15,000 cash and issued a note payable for the remaining amount owed. May 20: Billed clients $120,000 on account. May 26: Declared an $8,000 dividend. The entire amount will be distributed to shareholders on June 26. May 29: Paid May utilities of $500. May 30: Received $90,000 from clients billed on May 20. May 31: Recorded and paid salary expense of $32,000.   A partial list of the account titles used by the company includes the following. Cash                                        Dividends Payable…

Kaylee James, a connoisseur of fine chocolate, opened Kaylee's Sweets in Collegetown on February 1. The shop specializes in a selection of gourmet chocolate candies and a line of gourmet ice cream. You have been hired as manager. Your duties include maintaining the store's financial records. The following transactions occurred in February, the first month of operations. Received four shareholders' contributions totaling $28,400 cash to form the corporation; issued 500 shares of $0.10 par value common stock. Paid three months' rent for the store at $1,830 per month (recorded as prepaid expenses). Purchased and received candy inventory for $6,400 on account, due in 60 days. Purchased supplies for $1,330 cash. Negotiated and signed a two-year $13,000 loan at the bank, receiving cash at the time. Used the money from (e) to purchase a computer for $2,700 (for recordkeeping and inventory tracking); used the balance for furniture and fixtures for the store. Placed a grand opening…

During its first month of operation, the Quick Tax Corporation, which specializes in tax preparation, completed the following transactions. Began business by making a deposit in a company bank account of $60,000, in exchange for 6,000 shares of $10 par value common stock. July 1 July 3 Paid the current month's rent, $3,500 July 5 Paid the premium on a 1-year insurance policy, $4,200 July 7 Purchased supplies on account from Little Company, $1,000. July 10 Paid employee salaries, $3,500 July 14 Purchased equipment from Lake Company, $10,000. Paid $2,500 down and the balance was placed on account. Payments will be $500.00 per month until the equipment is paid. The first payment is due 8/1. Note: Use accounts payable for the balance due. July 15 Received cash for preparing tax returns for the first half of July, $8,000 July 19 Made payment on account to Lake Company, $500. July 31 Received cash for preparing tax returns for the last half of July, $9,000 July 31 Declared and paid cash…