Blue Suits Consulting began business on January 1, 2017.Using an Excel spreadsheet, prepare journal entries for thefollowing transactions that occurred during 2017.
- January 1, 2017 The Owner invested $28,000 in cash and acomputer equipment valued at $15,000 in the company.
- February 3, 2017 The Company performed services for a clientand immediately received cash in the amount of $6,300.
- February 28, 2017 The Company purchased office equipment oncredit for $8,000.
- March 3, 2017 The Company performed services for a client andbilled the client for $2,300 to be paid with terms 2/10, n/30.
- March 10, 2017 The Company received payment from the client inthe March 3rd transaction to pay on their account.
- April 9, 2017 The Company paid cash for the bill for theequipment purchased on February 28th.
- December 25, 2017 The Company purchased $1,300 of supplies onaccount. This bill will be paid in January 2018.
- December 31, 2017 The Owner withdrew $2,500 in cash from thecompany.
