Superb Professors

Problem Section Complete the accounting cycle for the period January 1 to February 28, 2018, We Do Taxes started operations as of January 1, 2018 and set up a small office in Edison to prepare tax retu perform accounting services. Use the information to follow to lournalire each transaction on Sheet February 28, 2018. We Do Taxes Company Edison to prepare tax returns and de each transaction on the journal Preps Prepa Journa Prepar able, $1,000 Jan contributed the following assets for common stock Cash $15.000; accounts received Supplies, $2,000, and office equipment. $12,000. There were no liabilities contributed Jan 1 Paid six months rent on a lease rental contract, $5,400 Jan 3 Paid premiums on property and casualty insurance policies for the year, $1,800. Jan 5 Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees, $6,000 Jan 10 Received cash from clients on account $500. Jan 20 paid cash for advertising in a local newspaper, $350 Jan 21 Purchased a new computer and other office equipment on account from Staples, $3,500 Jan 21 Paid part-time receptionist for two weeks' salary, $1,000 Jan 29 Recorded services provided on account for the period Jan 1 – 28. $10,300. Jan 30 Received cash from clients for fees earned during period, Jan 1 – 20,55,000 Jan 31 Paid Staples for part of the debt incurred on Jan 21, $1,500. Feb 3 Paid part-time receptionist for two weeks' salary, $1,000 Feb 4 Pald cash for supplies, $800. Feb 6 Received cash from clients on account $4,500 Feb 8 Paid for January month of telephone bill, $150. Feb 8 Pair for January month of utilities, $500. Feb 17 Pald part-time receptionist for two weeks' salary, $1,000 Feb 28 Recorded services provided on account for the period Feb 1-28, 58,500, Feb 28 Recorded cash from cash clients for fees earned for the period Feb 1-28, S4,500. Feb 28 Paid dividends, $8,000.

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