50.1K

Verified Solution

Link Copied!

Question 15 (19 points) During the first month of operations, the following transactions occurred for TXR Consulting Corporation: Sept 1 Issued common shares in exchange for $31,000 cash. Sept 2 Completed $4,500 of consulting services for a client on account Sept 4 Purchased equipment costing $15,000. Made a cash payment of $6,000 and signed a bank loan payable for the balance. Sept 7 Paid $6,600 for 6 months of insurance. Sept 11 Received $3,200 from customers for consulting services provided. Sept 15 Paid $1,900 for this month's rent. Sept 24 Collected $2,000 from the client billed on Sept 02. Sept 29 Received the September gas bill in the amount of $175 which is due on October 15. Sept 29 Received the September gas bill in the amount of $175 which is due on October 15. Sept 30 Declared and paid $1,650 of dividends to shareholders. TXR Consulting Corporation uses the following accounts: Cash Accounts payable Accounts receivable Deferred revenue Supplies Salaries payable Prepaid advertising Bank loan payable Prepaid insurance Common shares Prepaid rent Dividends declared Equipment Truck Service revenue Advertising expense Insurance expense Rent expense Supplies expense Telephone expense Utilities expense REQUIRED: Prepare the journal entries for the above transactions on the general journal form provided. Paragraph UA co + GENERAL JOURNAL ACCOUNT TITLES DEBIT CREDIT REQUIRED: Prepare the journal entries for the above transactions on the general journal form provided. Paragraph B I U UA O + v ... GENERAL JOURNAL ACCOUNT TITLES DEBIT DATE CREDIT

Answer & Explanation Solved by verified expert

See Answer