Reference no: EM132689953

Problem 1: x is a licensed incorporated CPA. During the first month of operations of the business, the following events and transactions occurred. (a) Journalize the transactions.

1. Sept. 1 Invested $40,000 cash in exchange for common stock

2. Sept. 2 Hired a secretary-receptionist at a salary of $2,470 per month (Hint: Did the secretary work for us to this point?)

3. Sept. 3 Purchased $1,500 of supplies on account from Ross Supply Company

4. Sept. 7 Paid office rent of $1,500 for the month

5. Sept. 11 Completed a tax assignment and billed client $1,900 for services rendered

6. Sept. 12 Received $7,000 advance on a management consulting engagement

7. Sept. 17 Received cash of $2,350 for services completed for Mutter Company

8. Sept. 31 Paid secretary-receptionist $2,480 salary for the month

9. Sept. 31 Paid 40% of balance due Ross Supply Company