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Joe Maxwell Is Opening a New Accounting Practice

question 47

Essay

Joe Maxwell is opening a new accounting practice.Journalize the following transactions in a combination journal.Use the modified cash basis.Total,rule,and prove the journal.

$\begin{array} { c l } \text { April } 1 & \text { Invested } \$ 75,000 \text { in the practice. } \\ 2 & \text { Purchased } \$ 500 \text { of office supplies on account. } \\ 3 & \text { Paid } \$ 1,500 \text { for a three-year insurance policy. } \\ 4 & \text { Purchased } \$ 10,000 \text { of computer equipment on account. } \\ 15 & \text { Paid receptionist wages, } \$ 500 \text {. } \\ 17 & \text { Billed clients, } \$ 1,600 . \\ 22 & \text { Received } \$ 300 \text { from clients previously billed. } \\ 27 & \text { Paid telephone bill, } \$ 150 \text {. } \\ 28 & \text { Received April electric bill, } \$ 75 . \\ 30 & \text { Wages owed to receptionist for the last two weeks of April, } \$ 500 \text { to be paid in March. } \end{array}$

$Joe Maxwell is opening a new accounting practice.Journalize the following transactions in a combination journal.Use the modified cash basis.Total,rule,and prove the journal. \begin{array} { c l } \text { April } 1 & \text { Invested } \$ 75,000 \text { in the practice. } \\ 2 & \text { Purchased } \$ 500 \text { of office supplies on account. } \\ 3 & \text { Paid } \$ 1,500 \text { for a three-year insurance policy. } \\ 4 & \text { Purchased } \$ 10,000 \text { of computer equipment on account. } \\ 15 & \text { Paid receptionist wages, } \$ 500 \text {. } \\ 17 & \text { Billed clients, } \$ 1,600 . \\ 22 & \text { Received } \$ 300 \text { from clients previously billed. } \\ 27 & \text { Paid telephone bill, } \$ 150 \text {. } \\ 28 & \text { Received April electric bill, } \$ 75 . \\ 30 & \text { Wages owed to receptionist for the last two weeks of April, } \$ 500 \text { to be paid in March. } \end{array}$ $Joe Maxwell is opening a new accounting practice.Journalize the following transactions in a combination journal.Use the modified cash basis.Total,rule,and prove the journal. \begin{array} { c l } \text { April } 1 & \text { Invested } \$ 75,000 \text { in the practice. } \\ 2 & \text { Purchased } \$ 500 \text { of office supplies on account. } \\ 3 & \text { Paid } \$ 1,500 \text { for a three-year insurance policy. } \\ 4 & \text { Purchased } \$ 10,000 \text { of computer equipment on account. } \\ 15 & \text { Paid receptionist wages, } \$ 500 \text {. } \\ 17 & \text { Billed clients, } \$ 1,600 . \\ 22 & \text { Received } \$ 300 \text { from clients previously billed. } \\ 27 & \text { Paid telephone bill, } \$ 150 \text {. } \\ 28 & \text { Received April electric bill, } \$ 75 . \\ 30 & \text { Wages owed to receptionist for the last two weeks of April, } \$ 500 \text { to be paid in March. } \end{array}$

Definitions:

Distribute Columns

A feature in spreadsheet and design software that evenly spaces out columns across a selected area, ensuring consistent spacing.

Inspect Document

A feature in word processing and publishing software that allows for the analysis and removal of private or sensitive information.

Check Compatibility

A software feature that tests whether a file, application, or system will function correctly on different versions of hardware or software.

Protect Document

A feature in document creation software that restricts editing, viewing or sharing to keep sensitive or confidential information secure.