Question

	You have been hired as an accountant for NFT Consulting Inc. This business was created when some friends decided to make use of their newly minted college degrees and go into business together. The business was created on November 1, 2017. The company will have a fiscal year end of October 31st.   The initial formation transactions and early purchases for NFT Consulting Inc. resulted in the balances that are included in the first 2 columns of the Worksheet. (see the worksheet tab)
	During November, the first month of operations, the following transactions occurred: Record Journal Entires for these transactions
Date	Event
1-Nov	Paid $7,200 for 12 months rent on office space
2-Nov	Purchased office furniture for $8,950.
3-Nov	Purchased $11,354 of additional office supplies on account.
8-Nov	Borrowed 20,000 from the bank for operating cash. The note has a 3% interest rate (simple interest) and is to be paid back in 4 years
15-Nov	Received $10,800 from Fortuna Inc. for work to be performed over the next 12 months.
20-Nov	Paid $1,560 for utilities.
21-Nov	Performed services for various customers for $13,200 cash and another $18,100 on account.
25-Nov	Paid $8,650 for purchases of supplies previously made on account.
27-Nov	Paid salaries to employees totaling $5,200 for 1 week.
30-Nov	Collected $12,300 as payment for amounts previously billed.
30-Nov	Dividends of $3,000 were declared and paid. (Worksheet tab) BEGINNING NUMBERS ACCOUNT DEBIT CREDIT Cash         221,400 Accounts Receivable Supplies             8,650 Prepaid Rent Land           40,000 Computer Equipment           38,600 Accumulated Depreciation, Comp Equip Office Furniture Accumulated Depreciation, Off Furn Accounts Payable             8,650 Salaries Payable Interest Payable Unearned Revenue Long-term Notes Payable Common Stock         300,000 Retained Earnings Dividends Service Revenue Salaries Expense Rent Expense Supplies Expense Maintenance Expense Utilities Expense Interest Expense Depreciation Expense, Comp Equip Depreciation Expense, Office Furniture         308,650         308,650

Answer 1

01-Nov	Prepaid rent	7200
	Cash		7200
02-Nov	Office furniture	8950
	Accounts payable		8950
03-Nov	Office supplies	11354
	Accounts payable		11354
08-Nov	Cash	20000
	Notes payable		20000
15-Nov	Cash	10800
	Unearmed revenue		10800
20-Nov	Utilities expense	1560
	Cash		1560
21-Nov	Cash	13200
	Accounts receivable	18100
	Service revenue		31300
25-Nov	Accounts payable	8650
	Cash		8650
27-Nov	Salaries and wages expense (5200*4)	20800
	Cash		20800
30-Nov	Cash	12300
	Accounts receivable		12300
30-Nov	Dividend	3000
	Cash		3000