Solved

Larry Matt Completed These Transactions During December of the Current

Question 201

Essay

Larry Matt completed these transactions during December of the current year:
 Dec. 1  Began a financial services practice by investing $15,000 cash and office  equipment having a $5,000 value. 2 Purchased $1,200 of office equipment on credit. 3 Purchased $300 of office supplies on credit. \begin{array} { | l | l | } \hline \text { Dec. 1 } & \begin{array} { l } \text { Began a financial services practice by investing } \$ 15,000 \text { cash and office } \\\text { equipment having a } \$ 5,000 \text { value. }\end{array} \\\hline 2 & \text { Purchased } \$ 1,200 \text { of office equipment on credit. } \\\hline 3 & \text { Purchased } \$ 300 \text { of office supplies on credit. } \\\hline\end{array}
4 Completed work for a client and immediately received a payment of $900 cash. 8 Completed work for Precept Paper Co. on credit, $1,700.10 Paid for the supplies purchased on credit on December 3.14 Paid for the annual $960 premium on an insurance policy. 18 Received payment in full from Precept Paper Co. for the work completed on  December 8.27 Larry withdrew $650 cash from the practice to pay personal expenses. 30 Paid $175 cash for the December utility bills. 30 Received $2,000 from a client for financial services to be rendered next year. \begin{array}{|l|l|}\hline 4 & \begin{array}{l}\text { Completed work for a client and immediately received a payment of } \$ 900 \\\text { cash. }\end{array} \\\hline 8 & \text { Completed work for Precept Paper Co. on credit, } \$ 1,700 . \\\hline 10 & \text { Paid for the supplies purchased on credit on December } 3 . \\\hline 14 & \text { Paid for the annual } \$ 960 \text { premium on an insurance policy. } \\\hline 18 & \begin{array}{l}\text { Received payment in full from Precept Paper Co. for the work completed on } \\\text { December } 8 .\end{array} \\\hline 27 & \text { Larry withdrew } \$ 650 \text { cash from the practice to pay personal expenses. } \\\hline 30 & \text { Paid } \$ 175 \text { cash for the December utility bills. } \\\hline 30 & \text { Received } \$ 2,000 \text { from a client for financial services to be rendered next year. } \\\hline\end{array}
Prepare general journal entries to record these transactions.

Correct Answer:

verifed

Verified

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions

Unlock this Answer For Free Now!

View this answer and more for free by performing one of the following actions

qr-code

Scan the QR code to install the App and get 2 free unlocks

upload documents

Unlock quizzes for free by uploading documents