Cora's Services Was Formed on May 1

question 100

Essay

Cora's Services was formed on May 1. The following transactions and events took place during the first month.
1. Cora Jacq invested $20,000 cash in the company, as its sole owner.
2. Hired two employees to work in the office. They will each 3. Signed a 2-year rental agreement on an office; paid $24,000 cash for rent.
4. Purchased equipment costing $30,000; paid $6,000 now and the remainder on account.
5. Paid $2,100 cash for furniture.
6. Purchased basic office supplies for $520 cash.
7. Purchased more office supplies for $1,300 on account.
8. Total revenues earned were $50,000: $38,000 cash and $12,000 on account.
9. Paid $400 to suppliers from item 7.
10. Received $4,000 from customers in payment of accounts receivable.
11. Received utility bill in the amount of $490, to 12. Paid the monthly salaries of the two employees, totaling $4,000.
Indicate the account debited and the account credited for each date.

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Definitions:

Task Process Coaching

This involves providing guidance and instruction to improve a team's procedures and efficiency in completing tasks.

Conflict Resolution

A method or process of resolving disagreements or disputes between parties through negotiation, mediation, or other peaceful means.

Task Conflict

Occurs when there are disagreements among team members about the content and outcomes of the task being performed, sometimes leading to innovation but potentially harmful if excessive.

Group Development

A process through which a team evolves over time, typically moving through stages of forming, storming, norming, performing, and adjourning.