In: Accounting
Problem 1
Kaseb Nawar opens a web consulting business called MeshrekiConsultants and completes the following transactions in March.
March 1 |
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Nawar invested $150,000 cash along with $22,000 in office equipment in the company. |
2 |
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The company prepaid $6,000 cash for six months’ rent for an office. (Hint: Debit Prepaid Rent for $6,000.) |
3 |
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The company made credit purchases of office equipment for $3,000 and office supplies for $1,200. Payment is due within 10 days. |
6 |
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The company completed services for a client and immediately received $4,000 cash. |
9 |
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The company completed a $7,500 project for a client, who must pay within 30 days. |
12 |
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The company paid $4,200 cash to settle the account payable created on March 3. |
19 |
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The company paid $5,000 cash for the premium on a 12-month insurance policy. (Hint: Debit Prepaid Insurance for $5,000.) |
22 |
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The company received $3,500 cash as partial payment for the work completed on March 9. |
25 |
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The company completed work for another client for $3,820 on credit. |
29 |
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Nawar withdrew $5,100 cash from the company for personal use. |
30 |
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The company purchased $600 of additional office supplies on credit. |
31 |
|
The company paid $500 cash for this month’s utility bill. |
Required