Solved

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:

Dutch Residents

Individuals residing in the Netherlands, a country in Western Europe known for its flat landscape, canals, tulip fields, windmills, and cycling routes.

English Rule

A legal principle where the losing party in a lawsuit must pay the winner’s attorney fees and court costs, contrasting with the American Rule where each party bears its own expenses.

Bacon's Rebellion

A 1676 armed rebellion led by Nathaniel Bacon against the governor and the colonial government in Virginia, partly due to discontent with handling of Native American relations.

Nathaniel Bacon

An early American settler who led Bacon's Rebellion, a 1676 uprising against the colonial government in Virginia.