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P3-5B: Sammy Baden incorporated Baden Consulting, and accounting practice, on May 1 2010. During the first moth of operations, these events and transactions occurred.

May 1 Stockholdersinvested $50,000 cash in exchange for common stock of the corporation
2 Hired a secretary- receptionist at a salary of $2,000 per moth
3 Purchased $800 of supplies on account fromFleming Supply Company
7 Paid office rent of $1,100 for the moth
11 Completed a tax assignments and billed client $1,000 for services provided
12 Received $4,200advance on a management consulting engagement
17 Received cash of $3,600 for service completed Goodman Co.
31 Paid secretary receptionist $2,000 salary for the moth31 Paid 50% of balance due Fleming Supply Company

Instructions

A) Journalize the transactions, including explanations

|Date |Account Tittle and Explanation| |Debit |Credit |
|1-May |Cash | | | |50000 | |
|| Common Stock | | | |50000 |
| |(exchange cash for common stock)| | |
|2-May |NE | | | | | |
|3-May|Supplies | | | |800 | |
| | Account Payable | || |800 |
| | (buy supplies on account from Fleming Supply Company) | | |
| |...
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