For the past 3 years, Warrem has operated a part-time business venture from his home. As of April 1, 2022, Warrem decided to move to rented quarters and to operate the business, which was to be known as Warrem & Felin Inc., on a full-time basis, Warrem & Felin entered into the following transactions during April: make journal entries, chart of account April 4. The following assets were received from John: cash, Rs.55,000; accounts receivable, Rs.6,500 supplies, Rs.6,250; and office equipment, Rs.12,500. There were no liabilities received. April 4. Paid three months' rent on a lease rental contract, Rs. 9,500. April 4. Paid the premium on property insurance policy for the year, Rs. 6,800. April 7 Purchased additional office furniture on account from Morrilton Company, Rs. 6,800 April 8. Received cash from clients on account, Rs. 5,800 April 11. Paid cash for newspaper advertisement, Rs. 5,120 April 12. Paid Morrilton Company Rs. 5,800 for debt incurred on April 7. April 15. Recorded services provided on account for the period April 4-15, Rs. $7,250. April 15. Paid part-time receptionist for two weeks salary, Rs. 5,400. April 15. Recorded cash from cash clients for fees earned April 4-15. Rs. 8,175. April 18. Paid cash for supplies, Rs. 5,750. April 22. Recorded services provided on account for April 18-22, Rs. 6,100. April 22. Recorded cash from cash clients for fees earned April 18-22, Rs. 6,850. April 27. Paid part-time receptionist for two week's salary, Rs. 5,400. April 28. Paid telephone bill for April, Rs. 5,130. April 29. Paid electric bill for April, Rs. 5,200. April 29. Recorded cash from cash clients for fees earned April 25-29. Rs. 7,050. April 29. Recorded services provided on account for April 25-29, Rs. 6,000 April 29. Adam received Rs. $9,500 from the company as his salary.
For the past 3 years, Warrem has operated a part-time business venture from his home. As of April 1, 2022, Warrem decided to move to rented quarters and to operate the business, which was to be known as Warrem & Felin Inc., on a full-time basis, Warrem & Felin entered into the following transactions during April:
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April 4. The following assets were received from John: cash, Rs.55,000;
April 4. Paid three months' rent on a lease rental contract, Rs. 9,500.
April 4. Paid the premium on property insurance policy for the year, Rs. 6,800.
April 7 Purchased additional office furniture on account from Morrilton Company, Rs. 6,800
April 8. Received cash from clients on account, Rs. 5,800
April 11. Paid cash for newspaper advertisement, Rs. 5,120
April 12. Paid Morrilton Company Rs. 5,800 for debt incurred on April 7.
April 15. Recorded services provided on account for the period April 4-15, Rs. $7,250.
April 15. Paid part-time receptionist for two weeks salary, Rs. 5,400.
April 15. Recorded cash from cash clients for fees earned April 4-15. Rs. 8,175.
April 18. Paid cash for supplies, Rs. 5,750.
April 22. Recorded services provided on account for April 18-22, Rs. 6,100.
April 22. Recorded cash from cash clients for fees earned April 18-22, Rs. 6,850.
April 27. Paid part-time receptionist for two week's salary, Rs. 5,400.
April 28. Paid telephone bill for April, Rs. 5,130.
April 29. Paid electric bill for April, Rs. 5,200.
April 29. Recorded cash from cash clients for fees earned April 25-29. Rs. 7,050.
April 29. Recorded services provided on account for April 25-29, Rs. 6,000
April 29. Adam received Rs. $9,500 from the company as his salary.
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