Girard Cohen began a computer servicing business and during the month of October completed these transactions:
(a)Began business by investing cash,$12,000,and computer equipment with a fair value of $3,000.
(b)Paid rent for one year in advance,$6,000.
(c)Completed a computer servicing assignment and billed the client for $3,000.
(d)Paid the utilities bill for the month,$100.
(e)Wrote a $1,000 cheque on the business bank account for personal expenses.
Prepare journal entries to record the above transactions.Include a brief description for each entry.

Question

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The Answer of Girard Cohen began a computer servicing business and during the month of October completed these transactions:
(a)Began business by investing cash,$12,000,and computer equipment with a fair value of $3,000.
(b)Paid rent for one year in advance,$6,000.
(c)Completed a computer servicing assignment and billed the client for $3,000.
(d)Paid the utilities bill for the month,$100.
(e)Wrote a $1,000 cheque on the business bank account for personal expenses.
Prepare journal entries to record the above transactions.Include a brief description for each entry.

Girard Cohen Began a Computer Servicing Business and During the Month