Larry Matt, Inc. completed these transactions during December of the current year: Dec. 12348101418273030 Began a financial services practice by investing $15,000 cash and office equipment having a $5,000 value. Purchased $1,200 of office equipment on credit. Purchased $300 of office supplies on credit. Completed work for a client and immediately received a payment of $900 cash. Completed work for Precept Paper Co. on credit, $1,700. Paid for the supplies purchased on credit on December 3. Paid for the annual $960 premium on an insurance policy. Received payment in full from Precept Paper Co. for the work completed on December 8. The company paid $650 cash in dividends to the owner. (sole shareholder) Paid $175 cash for the December utility bills. Received $2,000 from a client for financial services to be rendered next year. Prepare general journal entries to record these transactions.
Definitions:
Independent Expenditure
Money spent by individuals or groups to support or oppose political candidates or issues, without coordinating directly with candidates or their campaigns.
Benefit Corporations
A type of for-profit corporate entity, which includes positive impact on society, workers, the community, and the environment in addition to profit as its legally defined goals.
Profitable
A financial state where revenues exceed expenses, generating a positive financial gain from business operations.
Shareholders
Individuals or entities that own shares in a corporation, giving them certain rights and interests in the company.