For the past several years, Shane Banovich has operated a part-time consulting business from his home. As of October 1,2012 Shane decided to move to rented quarters and to operate business , which was to be known as Epic Consulting, on a full time basis. Epic consulting entered into the following transactions during October.
The following assets were received from Shane Banovich cash, $12000 accounts receivable $6000 supplies $1500 office equipment $9000. there were no liabilities received.
- Paid three months rent on a lease rental contract $4800
- Paid the premiums on property and casualty insurance policies $3000
- received cash from clients as an advance payment for services to be provided and recorded it as unearned fees. $4000
- Purchased additional office equipment on account from office station Co. $2000 Oct 6 Received cash from clients on account $3500
- Paid cash for a newspaper advertisement $400 Oct 12 Paid office Station Co for part of the debt incurred on Oct,5 $1000
- Recorded services provided on account for the period October 1-12 $6000
- Paid part-time receptionist for two weeks salary $1000
- Recorded cash from cash clients for fees earned during the period Oct. 1-17 $7500
- Paid cash for supplies $750
- Recorded services provided on account for the period Oct. 13-20 $5200
- Recorded cash from cash clients for fees earned for the period Oct.17-24 $3700
- Received cash from clients on accounts $5500
- Paid part time receptionist for two week salary $1000
- Paid telephone bill for October $250
- Paid electricity bill for october $300
- Recorded Cash from cash clients for fees earned for the the period october 25-31 $2800
- Recorded services provided on account for the remainder of october $3000
- Shane withdrew $8000 for personal use
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