Question

1st - Hashim Khan, the owner, invested $57,500 cash and 32,500 of photography equipment in the

business.
4th - Paid $3,000 cash for an insurance policy covering the next 24 months.
7th - Services are performed and clients are billed for $10,000.
13th - Purchased office supplies for $1,400. Cash paid $400 and remaining outstanding.
20th - Received $2,000 cash in photography fees earned previously.
24th - A client immediately pays $15,000 for services to be performed at a later date (unearned service
revenue).
29th - In addition, the business acquires photography equipment. The purchase price is $100,000, pays

Answer 1

Step-by-step explanation:

1st - Hashim Khan, the owner, invested $57,500 cash and 32,500 of photography equipment in the

business.

4th - Paid $3,000 cash for an insurance policy covering the next 24 months.

7th - Services are performed and clients are billed for $10,000.

13th - Purchased office supplies for $1,400. Cash paid $400 and remaining outstanding.

20th - Received $2,000 cash in photography fees earned previously.

24th - A client immediately pays $15,000 for services to be performed at a later date (unearned service

revenue).

29th - In addition, the business acquires photography equipment. The purchase price is $100,000, pays