Julia Dumars is a licensed CPA. During the first month of operations of her business, Tamarisk, Inc., the following events and transactions occurred. May 1 Stockholders invested $22,000 cash in exchange for common stock.2 Hired a secretary-receptionist at a salary of $1,100 per month.3 Purchased $1,600 of supplies on account from Vincent Supply Company.7 Paid office rent of $770 cash for the month.11 Completed a tax assignment and billed the client $1,900 for services performed.12 Received $2,900 advance on a management consulting engagement.17 Received cash of $1,100 for services performed for Orville Co.31 Paid secretary-receptionist $1,100 salary for the month.31 Paid 40% of the balance due to Vincent Supply Company. Julia Dumars uses the following chart of accounts: No. 101 Cash, No. 112 Accounts Receivable, No. 126 Supplies, No. 201 Accounts Payable, No. 209 Unearned Service Revenue, No. 311 Common Stock, No. 400 Service Revenue, No. 726 Salaries, and Wages Expense, and No. 729 Rent Expense. Journalize the transactions.

1.              Dr            Cash                          22,000

                 Cr                Common Stock       22,000

2.             no entry required

3.            Dr             Supplies                               1,600

               Cr                    Accounts Payable         1,600

4.            Dr             Rent Expense                   770

               Cr                           Cash                    770

5.           Dr          Cash                            1,900

               Cr                Service Revenue   1,900

6.            Dr          Cash                            2,900

               Cr             Unearned Service Revenue   2,900

7.             Dr          Cash                            1,100

               Cr                Accounts receivable   1,100

8.           Dr          Salaries Expense        1,100

               Cr                            Cash           1,100

9.            Dr          Accounts payable         640

               Cr                        Cash                  640

10.          Dr          Cash                            1,900

               Cr                Service Revenue   1,900

Explanation:

Entry no.2 : No entry is required because it's not an economic transaction; it's just an agreement.

Entry no.9 : 40% of 1600 = 640

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