Question

1-Love deep invested $300,000 cash to begin her environmental consulting business

2- his Environmental Consulting paid $50 ,000 cash for land as a future office lactation .

3- The business purchased office supplies for $20,000 on account,

4-The business provided environmental consulting services for clients and received $50,000 cash.

5-The business provided environmental consulting services of $30 ,000 to clients who will pay for the services within one month.

6-The business paid the following expenses: office rent, $5,000; employee salaries, $5,000; and utilities, $5,000

7-The business paid $10,000 on the account payable created in Transaction 3.

8- Loveddep remodelled her personal residence with personal funds. This is not a business transaction of the environmental consulting business, so no journal entry is made

9-The business received $20,000 cash from one of the clients discussed in Transaction 5.

10- Lovedeep withdrew $10,000 cash for personal living expenses

Answer 1

Journal Entries
No.	Account Titles and Explanation	Debit	Credit
1)	Cash	$300,000
	Common Stock		$300,000
	(To record the cash invested in the business)
2)	Land	$50,000
	Cash		$50,000
	(To record the purchase of land by cash)
3)	Office Supplies	$20,000
	Accounts Payable		$20,000
	(To record the purchase of office supplies on account)
4)	Cash	$50,000
	Consultancy Revenue		$50,000
	(To record the services provided for cash)
5)	Accounts Receivable	$30,000
	Consultancy Revenue		$30,000
	(To record the services provided on account)
6)	Office Rent Expense	$5,000
	Employee Salaries Expense	$5,000
	Utilities Expense	$5,000
	Cash ($5,000 + $5,000 + $5,000)		$15,000
	(To record the payment of expenses by cash)
7)	Accounts Payable	$10,000
	Cash		$10,000
	(To record the payment of accounts payable)
8)	No journal entry
9)	Cash	$20,000
	Accounts Receivable		$20,000
	(To record the collection of accounts receivable)
10)	Drawings	$10,000
	Cash		$10,000
	(To record the cash withdrawal for personal use)