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Abe Factor opened a new accounting practice called X-Factor Accounting and completed these activities during...

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Accounting

Abe Factor opened a new accounting practice called X-Factor Accounting and completed these activities during March 2020: March 1 Invested $51,000 in cash and office equipment that had a fair value of $12,100. 1 Prepaid $9,150 cash for three months rent for an office. 3 Made credit purchases of used office equipment for $6,100 and office supplies for $1,210. 5 Completed work for a client and immediately received $6,300 cash. 9 Completed a $4,100 project for a client, who will pay within 30 days. 11 Paid the account payable created on March 3. 15 Paid $3,100 cash for the annual premium on an insurance policy. 20 Received $1,550 as partial payment for the work completed on March 9. 22 Placed an order with a supplier for $4,900 of supplies to be delivered April 7. They must be paid for within 15 days of being received. 23 Completed work for another client for $2,900 on credit. 27 Abe Factor withdrew $3,700 cash from the business to pay some personal expenses. 30 Purchased $660 of additional office supplies on credit. 31 Paid $870 for the months utility bill.

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