Sammy Baden incorporated Baden Consulting an

accounting practic
Sammy Baden incorporated Baden Consulting, an accounting practice, on May 1, 2010. During
the first month of operations, these events and transactions occurred. May 1 Stockholders
invested $50,000 cash in exchange for common stock of the corporation.2 Hired a secretary-
receptionist at a salary of $2,000 per month.3 Purchased $800 of supplies on account from
Fleming Supply Company.7 Paid office rent of $1,100 for the month.11 Completed a tax
assignment and billed client $1,000 for services provided.12 Received $4,200 advance on a
management consulting engagement.17 Received cash of $3,600 for services completed for
Goodman Co.31 Paid secretary-receptionist $2,000 salary for the month.31 Paid 50% of
balance due Fleming Supply Company.The company uses the following chart of accounts:
Cash, Accounts Receivable, Supplies, Accounts Payable, Unearned Revenue, Common Stock,
Service Revenue, Salaries Expense, and Rent Expense.Instructions(a) Journalize the
transactions, including explanations.(b) Post to the ledger T accounts.(c) Prepare a trial balance
on May 31,2010.
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Sammy Baden incorporated Baden Consulting an accounting practic
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