May 12(a)3711121731Barbara uses the following chart of accounts: No. 101 Cash, No. 112 Accounts Receivable, No. 126 Supplies, No. 201 AccountsPayable, No. 209 Unearned Service Revenue, No. 311 Common Stock, No. 400 Service Revenue, No. 726 Salaries and Wages Expense,and No. 729 Rent Expense.Journalize the transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter "0" förthe amounts. List all debit entries before credit entries.)DateMay 1May 2May 3Stockholders invested $20,900 cash in exchange for common stock.Hired a secretary-receptionist at a salary of $1,800 per month.Purchased $1,600 of supplies on account from Vincent Supply Company.Paid office rent of $730 cash for the month.Completed a tax assignment and billed client $1,800 for services performed.Received $2,800 advance on a management consulting engagement.Received cash of $1,700 for services performed for Orville Co.Paid secretary-receptionist $1,800 salary for the month.Paid 50% of balance due to Vincent Supply Company.May 7May 11May 12>>VAccount Titles and ExplanationDebitCredit

The journal entries are prepared to record the transactions on a regular basis. The assets and…

May 1 2 3 7 11 12 17 31 31 Stockholders invested $20,900 cash in exchange for common stock. Hired a secretary-receptionist at a salary of $1,800 per month. Purchased $1,600 of supplies on account from Vincent Supply Company. Paid office rent of $730 cash for the month. Completed a tax assignment and billed client $1,800 for services performed. Received $2,800 advance on a management consulting engagement. Received cash of $1,700 for services performed for Orville Co. Paid secretary-receptionist $1,800 salary for the month. Paid 50% of balance due to Vincent Supply Company.

May 1 2 3 7 11 12 17 31 31 Stockholders invested $20,900 cash in exchange for common stock. Hired a secretary-receptionist at a salary of $1,800 per month. Purchased $1,600 of supplies on account from Vincent Supply Company. Paid office rent of $730 cash for the month. Completed a tax assignment and billed client $1,800 for services performed. Received $2,800 advance on a management consulting engagement. Received cash of $1,700 for services performed for Orville Co. Paid secretary-receptionist $1,800 salary for the month. Paid 50% of balance due to Vincent Supply Company.

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter9: Sales And Purchases

Section: Chapter Questions

Problem 7QY: The schedule of accounts payable lists each creditors account balance, and the total equals the...

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