[allineedtodo]

While testing the inventory counts, tha auditiors noticed that several high dollar items had counts on the inventory listing which were materially higher than the actual counts. The difference between the actual and recorded inventory value was $59000

[alemay23]

July
2 Invested $32,000 cash and $14,000 of equipment in the business
2 Hired a secretary at a salary of $290 per week, payable monthly.
3 Purchased supplies on account $700 (debit an asset account)
7 Paid office rent of $600 for the month
11 Completed a tax assignment and billed client $1,100 for services rendered
12 Received $3,200 advance on a management consulting engagement
17 Received cash of $2,300 for services completed for Ferengi Co.
21 Paid insurance expense $110
30 A count of supplies indicated that $120 of supplies had been used.
30 Paid secretary $1,160 for the month
Please help

[pready]

1 Debit Cash 32,000
Debit Equipment for 14,000
Credit Owners' Equity for 46,000

2. no entry required

3. Debit Office Supplies for 700
Credit Accounts paiyable for 700

4. Debit Rent Expense for 600
Credit Cash for 600

5. Debit Accounts Receivable for 1,100
Credit Services Revenue for 1,100

6. Debit Cash for 3,200
Credit Unearned Service Revenue for 3,200

7. Debit Cash for 2,300
Credit Services Revenue for 2,300

8. Debit In surance Expense 110
Credit Cash 110

9. Debit Office Supplies Expense for 120
Credit Office Supplies for 120

10. Debit Salaries Expense for 1,160
Credit Cash for 1,160