More infoSep. 1Received $42,000 cash and gave capital to Steven.4Purchased office supplies, $500, and furniture, $2,100, on account.Performed services for a law firm and received $1,400 cash.7Paid $21,000 cash to acquire land to be used in operations.10Performed services for a hotel and received its promise to pay the $1,800within one week.14Paid for the furniture purchased September 4 on account.15Paid assistant's semimonthly salary, $1,430.17Received cash on account, $1,700.20Prepared a design for a school on account, $650.25Received $2,300 cash for design services to be performed in October.28Received $2,800 cash for consulting with Plummer & Gorden.Paid $720 cash for a 12-month insurance policy starting on October 1.Paid assistant's semimonthly salary, $1,430.293030Paid monthly rent expense, $400.Received a bill for utilities, $650. The bill will be paid next month.3030Steven withdrew cash of $4,000.PrintDone Doris Steven started her practice as a design consultant on September 1, 2017. During the first month of operations, the business completed the following transactions:(Click the icon to view the transactions.)Read the requirements.Requirement 1. Record each transaction in the journal using the following account titles: Cash; Accounts Receivable; Office Supplies; Prepaid Insurance; Furniture; Land; Accounts Payable; UtilitiesPayable; Unearned Revenue; Steven, Capital; Steven, Withdrawals; Service Revenue; Salaries Expense; Rent Expense; Utilities Expense. Explanations are not required. (Record debits first, then credits.Exclude explanations from journal entries.)Sep. 1: Received $42,000 cash and gave capital to Steven.DateAccountsDebitCreditSep. 1

Name: More infoSep. 1Received $42,000 cash and gave capital to Steven.4Purc
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Description: More infoSep. 1Received $42,000 cash and gave capital to Steven.4Purchased office supplies, $500, and furniture, $2,100, on account.Performed services for a law firm and received $1,400 cash.7Paid $21,000 cash to acquire land to be used in operation

The primary book in which the financial transactions of the business are initially recorded is known…

Business

Accounting

Sep. 1 Received $42,000 cash and gave capital to Steven. 4 Purchased office supplies, $500, and furniture, $2,100, on account. Performed services for a law firm and received $1,400 cash. 7 Paid $21,000 cash to acquire land to be used in operations. 10 Performed services for a hotel and received its promise to pay the $1,800 within one week. 14 Paid for the furniture purchased September 4 on account. 15 Paid assistant's semimonthly salary, $1,430. 17 Received cash on account, $1,700. 20 Prepared a design for a school on account, $650. 25 Received $2.300 cash for design services to be performed in October.

Sep. 1 Received $42,000 cash and gave capital to Steven. 4 Purchased office supplies, $500, and furniture, $2,100, on account. Performed services for a law firm and received $1,400 cash. 7 Paid $21,000 cash to acquire land to be used in operations. 10 Performed services for a hotel and received its promise to pay the $1,800 within one week. 14 Paid for the furniture purchased September 4 on account. 15 Paid assistant's semimonthly salary, $1,430. 17 Received cash on account, $1,700. 20 Prepared a design for a school on account, $650. 25 Received $2.300 cash for design services to be performed in October.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter3: Analyzing And Recording Transactions

Section: Chapter Questions

Problem 19EB: A business has the following transactions: A. The business is started by receiving cash from an...

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P. Schwartz, Attorney at Law, opened his office on October 1. The account headings are presented below. Transactions completed during the month follow. a. Schwartz deposited 25,000 in a bank account in the name of the business. b. Bought office equipment on account from QuipCo, 9,670. c. Schwartz invested his personal law library, which cost 2,800. d. Paid the office rent for the month, 1,700, Ck. No. 2000. e. Bought office supplies for cash, 418, Ck. No. 2001. f. Bought insurance for two years, 944, Ck. No. 2002. g. Sold legal services for cash, 8,518. h. Paid the salary of the part-time receptionist, 1,820, Ck. No. 2003. i. Received and paid the telephone bill, 388, Ck. No. 2004. j. Received and paid the bill for utilities, 368, Ck. No. 2005. k. Sold legal services for cash, 9,260. l. Paid on account to QuipCo, 2,670, Ck. No. 2006. m. Schwartz withdrew cash for personal use, 2,500, Ck. No. 2007. Required 1. Record the transactions and the balance after each transaction. 2. Total the left side of the accounting equation (left side of the equal sign), then total the right side of the accounting equation (right side of the equal sign). If the two totals are not equal, check the addition and subtraction. If you still cannot find the error, re-analyze each transaction.
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