The Following Transactions Occurred During Klein Corporation's First Month of Operations,June

question 115

Essay

The following transactions occurred during Klein Corporation's first month of operations,June 2010.Journalize the transactions in a general journal,post the transactions to the appropriate T-Accounts,and prepare a trial balance.
(a.) Issued $20,000 of capital stock for cash.
(b.) Purchased $250 of office supplies on account.
(c.) Borrowed $1,000 from the bank and signed a note payable for that amount
(d.) Billed a client $450 for services rendered.
(e.) Received and immediately paid the utility bill for the month, $270.
(f.) Performed a service and immediately collected $200.
(g.) Paid for the office supplies purchased in transaction b.
(h.) Received $150 from a client who had previously been billed.
(i.) Recorded, but did not pay, the telephone bill for the month, $160.
(j.) Declared a paid a $300 dividend to stockholders.
(k.) Received a $500 deposit from a client for work to be performed next month.

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Definitions:

Career Planning

The process whereby individuals set career goals and identify the means to achieve them, often with organizational support.

Job Analyses

The process of studying and collecting information about the duties, responsibilities, necessary skills, outcomes, and work environment of a particular job.

Reasonable Restrictive Covenants

Legal agreements used by employers to limit the ability of employees to engage in certain activities that might be detrimental to the business, deemed reasonable in scope, geography, and duration.

Employment Contract

A formal agreement between an employer and an employee that outlines the terms and conditions of employment, including duties, responsibilities, salary, and duration of employment.