06 Dec Team, you have been called in to help Sarah Singer who has operated a part-time graphic design business
Team, you have been called in to help Sarah Singer who has operated a part-time graphic design business from her home. Her accountant has decided to quit working for her and Singer has decided she needs a more organized approach to keeping his accounting records. (Singer has kept his accounting records in a big file cabinet). Singer has decided to move to a rented office space and is planning to operate the business on a full-time basis. The business will be known as Sarah’s Designs, Inc. Singer also has the following transactions that took place during the month of Sept 20XX:
· Sept 1. The following assets were received from Sarah Singer in exchange for common stock: Cash, $ 25,800; accounts receivable, $ 4,500; supplies, $2,500 and Office Equipment, $ 16,500. There were no liabilities received.
· Sept 1. Paid three months’ rent in advance on a lease rental contract, $3,600.
· Sept 2. Paid the premiums on property and casualty insurance policies, $ 1,800. ( The policy is for six months)
· Sept 4. Received cash from the Gaines Company as an advance payment for services to be provided and it will be recorded as unearned fees for $ 4,200.
· Sept 5. Purchased a new computer on account from Brown’s Computer Nook for $ 3,600. The useful life has been determined to be 5 years.
· Sept 6. Received cash from clients on account for $ 2,600.
· Sept 9. Paid cash to the Mason Tribune for a newspaper advertisement, $ 240.
· Sept 12. Recorded services provided on account to various clients for the period of September 1 thru 12, for $ 5,700.
· Sept 13. Paid Brown’s Computer Nook for part of the liability incurred on Sept 5, $ 690.
· Sept 14. Paid part-time receptionist for two weeks’ salary, $ 1,100.
· Sept 17. Paid cash for supplies, $ 1,000.
· Sept 20. Purchased additional office equipment on account from Cabrillo Office Supply store for $ 2,650.
· Sept 20. Recorded services provided on account to various clients for the period of Sept 13-20, $ 4,360.
· Sept 24. Received cash from clients for fees earned during the period of Sept 17 thru 24, $ 6,100.
· Sept 26. Received cash from clients on account from S
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