Flint, CPA, opened an accounting consulting practice on January 1, 2020. During the first month of operations, the following transactions occurred. 1. Performed services for customers with terms net 60. At January 31, $4,650 of such services was performed but not yet billed to the insurance companies. 2. Utility expenses incurred but not paid prior to January 31 totaled $1,720. 3. Purchased computer and networking equipment on January 1 for $60,000, paying $30,000 in cash and signing a $30,000, 3-year note payable. The equipment depreciates $1,200 per month. Interest is $300 per month. 4. Purchased a one-year insurance policy on January 1 for $21,600. 5. Purchased $1,600 of supplies. On January 31, determined that $750 of supplies were on hand. Prepare the adjusting entries on January 31. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Flint, CPA, opened an accounting consulting practice on January 1, 2020. During the first month of operations, the following transactions occurred. 1. Performed services for customers with terms net 60. At January 31, $4,650 of such services was performed but not yet billed to the insurance companies. 2. Utility expenses incurred but not paid prior to January 31 totaled $1,720. 3. Purchased computer and networking equipment on January 1 for $60,000, paying $30,000 in cash and signing a $30,000, 3-year note payable. The equipment depreciates $1,200 per month. Interest is $300 per month. 4. Purchased a one-year insurance policy on January 1 for $21,600. 5. Purchased $1,600 of supplies. On January 31, determined that $750 of supplies were on hand. Prepare the adjusting entries on January 31. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Name: Flint, CPA, opened an accounting consulting practice on January 1, 202
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Description: Flint, CPA, opened an accounting consulting practice on January 1, 2020. During the first month of operations, the following transactions occurred.1. Performed services for customers with terms net 60. At January 31, $4,650 of such services was perfo

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter3: Analyzing And Recording Transactions

Section: Chapter Questions

Problem 12PB: Prepare journal entries to record the following transactions that occurred in March: A. on first day...

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1.		Performed services for customers with terms net 60. At January 31, $4,650 of such services was performed but not yet billed to the insurance companies.
2.		Utility expenses incurred but not paid prior to January 31 totaled $1,720.
3.		Purchased computer and networking equipment on January 1 for $60,000, paying $30,000 in cash and signing a $30,000, 3-year note payable. The equipment depreciates $1,200 per month. Interest is $300 per month.
4.		Purchased a one-year insurance policy on January 1 for $21,600.
5.		Purchased $1,600 of supplies. On January 31, determined that $750 of supplies were on hand.