For the past several years, Shane Banovich has operated a part-time consulting business from his home. As of October 1,2012 Shane decided to move to rented quarters and to operate business,which was to be known as Epic Consulting, on a full time basis. Epic consulting entered into the following transactions during October. Oct.
1.The following assets were received from Shane Banovich cash, $12000 accounts receivable $6000 supplies $1500 office equipment $9000. there were no liabilities received. Oct 1 Paid three months rent on a lease rental contract $4800 Oct 2 Paid the premiums on property and casualty insurance policies $3000 Oct 4 received cash from clients as an advance payment for services to be provided and recorded it as unearned fees. $4000 Oct 5 Purchased additional office equipment on account from office station Co. $2000 Oct 6 Received cash from clients on account $3500 Oct 10 Paid cash for a newspaper advertisement $400 Oct 12 Paid office Station Co for part of the debt incurred on Oct,5 $1000 Oct 12 Recorded services provided on account for the period October 1-12 $6000 Oct. 14 Paid part-time receptionist for two weeks salary $1000 Oct 17.
Recorded cash from cash clients for fees earned during the period Oct. 1-17 $7500 Oct 18 Paid cash for supplies $750 Oct. 20 Recorded services provided on account for the period Oct. 13-20 $5200 Oct. 24 Recorded cash from cash clients for fees earned for the period Oct.17-24 $3700 Oct. 26 Received cash from clients on accounts $5500 Oct 27 Paid part time receptionist for two week salary $1000 Oct. 29 Paid telephone bill for October $250 Oct. 31 Paid electricity bill for october $300 Oct.