Abe Factor opened a new accounting practice called X

factor Accounting #4274

Abe Factor opened a new accounting practice called X-factor Accounting and completed these
activities during March 2014:Mar 1 Invested $50,000 in cash and office equipment that had a
fair value of $12,000.1 Prepaid $9,000 cash for three months' rent for an office.3 Made credit
purchases of used office equipment for $6,000 and office supplies for $1,200.5 Completed work
for a client and immediately received $6,200 cash.9 Completed a $4,000 project for a client,
who will pay within 30 days.11 Paid the account payable created on March 3.15 Paid $3,000
cash for the annual premium on an insurance policy.20 Received $1,500 as partial payment for
the work completed on March 9.22 Placed an order with a supplier for $4,800 of supplies to be
delivered April 7. They must be paid for within 15 days of being received.23 Completed work for
another client for $2,850 on credit.27 Abe Factor withdrew $3,600 cash from the business to
pay some personal expenses.30 Purchased $650 of additional office supplies on credit.31 Paid
$860 for the month's utility bill.Required Prepare General Journal entries to record the
transactions.View Solution:
Abe Factor opened a new accounting practice called X factor Accounting

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