For the past several years, Jolene Upton has operated a part-time consulting business from her home. As of 1 July 2020, Jolene decided to move to rented quarters and to operate the business, which was to be known as Gourmet Consulting, on a full-time basis. Gourmet Consulting entered into the following transactions during July: July 1. The following assets were received from Jolene Upton: cash, RM19,000; accounts receivable, RM22,300; supplies, RM3,800; and office equipment, RM8,900. There were no liabilities received.
For the past several years, Jolene Upton has operated a part-time consulting business from her home. As of 1 July 2020, Jolene decided to move to rented quarters and to operate the business, which was to be known as Gourmet Consulting, on a full-time basis. Gourmet Consulting entered into the following transactions during July: July 1. The following assets were received from Jolene Upton: cash, RM19,000; accounts receivable, RM22,300; supplies, RM3,800; and office equipment, RM8,900. There were no liabilities received.
Chapter18: Accounting Periods And Methods
Section: Chapter Questions
Problem 46P: Blue Company, an architectural firm, has a bookkeeper who maintains a cash receipts and...
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For the past several years, Jolene Upton has operated a part-time consulting business from her home. As of 1 July 2020, Jolene decided to move to rented quarters and to operate the business, which was to be known as Gourmet Consulting, on a full-time basis. Gourmet Consulting entered into the following transactions during July:
July 1. |
The following assets were received from Jolene Upton: cash, RM19,000; accounts receivable, RM22,300; supplies, RM3,800; and office equipment, RM8,900. There were no liabilities received. |
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