Larry Matt Completed These Transactions During December of the Current

question 103

Essay

Larry Matt completed these transactions during December of the current year:
$\begin{array} { | l | l | } \hline \text { Dec. } 1 & \begin{array} { l } \text { Began a financial services practice by investing } \$ 15,000 \text { cash and office } \\\text { equipment having a } \$ 5,000 \text { value. }\end{array} \\\hline 2 & \text { Purchased } \$ 1,200 \text { of office equipment on credit. } \\\hline 3 & \text { Purchased } \$ 300 \text { of office supplies on credit. } \\\hline 4 & \begin{array} { l } \text { Completed work for a client and immediately received a payment of } \$ 900 \\\text { cash. }\end{array} \\\hline 8 & \text { Completed work for Precept Paper Co. on credit, } \$ 1,700 . \\\hline 10 & \text { Paid for the supplies purchased on credit on December } 3 . \\\hline 14 & \text { Paid for the annual } \$ 960 \text { premium on an insurance policy. } \\\hline 18 & \text { Received payment in full from Precept Paper Co. for the work completed on } \\&\text { December } 8 . \\\hline 27 & \text { Larry withdrew } \$ 650 \text { cash from the practice to pay personal expenses. } \\\hline 30 & \text { Paid } \$ 175 \text { cash for the December utility bills. } \\\hline 30 & \text { Received } \$ 2,000 \text { from a client for financial services to be rendered next year. } \\\hline\end{array}$ Prepare general journal entries to record these transactions.

---

Definitions:

Digestive Tract

The series of hollow organs joined in a long, twisting tube from the mouth to the anus where food is processed into nutrients.

Local Reflex

Reflex of the intramural plexus of the digestive tract that does not involve the brain or spinal cord.

CNS

The central nervous system, consisting of the brain and spinal cord, coordinates body activities.

Nicotine

A stimulant and addictive substance found in tobacco products that acts on the nervous system.