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In the journal provided,prepare journal entries (in good form)for the following transactions.If no entry is required,write "no entry." Omit explanations.
Mar. 1 Investors opened a dance school, called Yolonda's Dance Studio, by depositing into a business bank account in exchange for 15,000 shares of par value stock.
2 Paid three months' rent in advance, .
4 Hired a part-time assistant, to be paid per week, starting next week.
6 Purchased sound equipment for . Paid in cash, the remainder to be paid in installments of every two weeks.
8 Signed up five students, who will begin lessons on March 10, at per week per student.
17 Received the first week's tuition from four students; the fifth student will remit payment in three days.
17 Paid the assistant his first week's wages.
20 Received payment from the fifth student.
21 Paid the first installment on the sound equipment purchased on March 6.
23 Received an electric bill of , to be paid April 1 .
Fiduciary Duty
A legal obligation of one party to act in the best interest of another when managing assets or making decisions on their behalf.
Client's Interest
The welfare or benefit of clients that professionals, such as lawyers or financial advisors, are obligated to prioritize in their service.
Professional Relationship
A relationship between individuals in a workplace or business environment, based on professional respect and collaboration.
Legal Matter
An issue or situation that falls under the jurisdiction of law and requires legal processes for resolution.
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