Joe Maxwell is opening a new accounting practice.Journalize the following transactions in a combination journal.Use the modified cash basis.Total,rule,and prove the journal.

$\begin{array} { c l } \text { April } 1 & \text { Invested } \$ 75,000 \text { in the practice. } \ 2 & \text { Purchased } \$ 500 \text { of office supplies on account. } \ 3 & \text { Paid } \$ 1,500 \text { for a three-year insurance policy. } \ 4 & \text { Purchased } \$ 10,000 \text { of computer equipment on account. } \ 15 & \text { Paid receptionist wages, } \$ 500 \text {. } \ 17 & \text { Billed clients, } \$ 1,600 . \ 22 & \text { Received } \$ 300 \text { from clients previously billed. } \ 27 & \text { Paid telephone bill, } \$ 150 \text {. } \ 28 & \text { Received April electric bill, } \$ 75 . \ 30 & \text { Wages owed to receptionist for the last two weeks of April, } \$ 500 \text { to be paid in March. } \end{array}$

Question

Joe Maxwell is opening a new accounting practice.Journalize the following transactions in a combination journal.Use the modified cash basis.Total,rule,and prove the journal.
 
 $\begin{array} { c l } \text { April } 1 & \text { Invested } \$ 75,000 \text { in the practice. } \ 2 & \text { Purchased } \$ 500 \text { of office supplies on account. } \ 3 & \text { Paid } \$ 1,500 \text { for a three-year insurance policy. } \ 4 & \text { Purchased } \$ 10,000 \text { of computer equipment on account. } \ 15 & \text { Paid receptionist wages, } \$ 500 \text {. } \ 17 & \text { Billed clients, } \$ 1,600 . \ 22 & \text { Received } \$ 300 \text { from clients previously billed. } \ 27 & \text { Paid telephone bill, } \$ 150 \text {. } \ 28 & \text { Received April electric bill, } \$ 75 . \ 30 & \text { Wages owed to receptionist for the last two weeks of April, } \$ 500 \text { to be paid in March. } \end{array}$

Quizplus · Accepted Answer

The Answer of Joe Maxwell is opening a new accounting practice.Journalize the following transactions in a combination journal.Use the modified cash basis.Total,rule,and prove the journal.
 
 $\begin{array} { c l } \text { April } 1 & \text { Invested } \$ 75,000 \text { in the practice. } \ 2 & \text { Purchased } \$ 500 \text { of office supplies on account. } \ 3 & \text { Paid } \$ 1,500 \text { for a three-year insurance policy. } \ 4 & \text { Purchased } \$ 10,000 \text { of computer equipment on account. } \ 15 & \text { Paid receptionist wages, } \$ 500 \text {. } \ 17 & \text { Billed clients, } \$ 1,600 . \ 22 & \text { Received } \$ 300 \text { from clients previously billed. } \ 27 & \text { Paid telephone bill, } \$ 150 \text {. } \ 28 & \text { Received April electric bill, } \$ 75 . \ 30 & \text { Wages owed to receptionist for the last two weeks of April, } \$ 500 \text { to be paid in March. } \end{array}$

Joe Maxwell Is Opening a New Accounting Practice