James and Holly Johnson started a consulting business on December 1, 2021. They called the business Johnson & Johnson Consulting, Inc. T-accounts have been set up for the following accounts: Cash Accounts Receivable Supplies Prepaid Rent Computer Equipment Accumulated Depreciation-Computer Equipment Furniture Accumulated Depreciation-Furniture Accounts Payable Unearned Service Revenue Salary Payable Common Stock Dividends Service Revenue Rent Expense Utilities Expense

Sep 8, 2023

James and Holly Johnson started a consulting business on December 1, 2021. They called the business Johnson & Johnson Consulting, Inc. T-accounts have been set up for the following accounts:

Cash
Accounts Receivable
Supplies
Prepaid Rent
Computer Equipment
Accumulated Depreciation-Computer Equipment
Furniture
Accumulated Depreciation-Furniture
Accounts Payable
Unearned Service Revenue
Salary Payable
Common Stock
Dividends
Service Revenue
Rent Expense
Utilities Expense
Salary Expense
Supplies Expense
Depreciation Expense
Journalize and Post the following transactions for Johnson & Johnson Consulting, Inc. for December 2021.  Explanations are not required.

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James and Holly Johnson started a consulting business on December 1, 2021. They called the business Johnson & Johnson Consulting, Inc. T-accounts have been set up for the following accounts: Cash Accounts Receivable Supplies Prepaid Rent Computer Equipment Accumulated Depreciation-Computer Equipment Furniture Accumulated Depreciation-Furniture Accounts Payable Unearned Service Revenue Salary Payable Common Stock Dividends Service Revenue Rent Expense Utilities Expense
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Dec 1-James & Holly Johnson Invested $20,000 in the business.  Johnson & Johnson issued Common Stock to the Johnsons.
Dec 1-Paid $1,200 for one year of office rent
Dec 3-Purchased Supplies on account $500.
Dec 3-Purchased a Computer on account, $1600.
Dec 4-Purchased Furniture for office for $2,700 Cash.
Dec 4-Performed Consulting Services for $900 cash.  Payment was received immediately upon completion of services.
Dec 7-Performed Consulting Services on account, $1,400
Dec 9-Paid Telephone bill, $160
Dec 11-Paid for heat & electricity, $85
Dec 15-Received $2,000 to perform Consulting services over the next month.  Assume revenue is earned evenly over the next 30 days.
Dec 21-Paid employees $1200
Dec 30-Dividends Paid-$1,000

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