Attached is Comprehensive Assignment #1 which you should submit via email no later than Monday October 5th. You may modify this Excel file (CA #1) to include your answers to the problems. On my...

Daily recurring journal entries
    
                    ACC101 Comprehensive assignment #1
        Problem #1
        Record the transactions below in general journal form using the following
        account titles which pertain to Bobby Two Books Accounting Services,
        a sole proprietorship:
        Cash            Accounts payable            Service revenue
        Accounts receivable            Unearned fees            Rental income
        Prepaid advertising            Unearned rent            Telephone expense
        Supplies            Notes payable            Insurance expense
        Land            Mortgage note payable            Interest expense
        Building            Capital            Utilities expense
        Equipment            Drawing            Automobile expense                Account names
                                Miscellaneous expense
        June                                    June            Debit    Credit
        1    Bobby took $10,000 out of his personal checking account and                                1        Cash    10,000
            and deposited the funds in his business checking account                                        Capital        10,000
        1    Paid health insurance charges for June, $1,800                                1        Insurance expense    1,800
                                                    Cash        1,800
        1    Billed clients for services rendered, $12,000                                1        Accounts receivable    12,000
                                                    Service revenue        12,000
        2    Purchased an office building for $550,000 allocating $75,000                                2        Land    75,000
            to the land and the remainder to the building. Bobby made a                                        Building    475,000
                                                    Mortgage note payable        400,000
            $150,000 down payment and took out a mortgage for $400,000                                        Cash        150,000
        4    Received June rental payment from Brand X Corp. which company                                4        Cash    1,800
            occupies office space in Bobby's building, $1,800                                        Rental income        1,800
        6    One of Bobby's clients was jailed for tax fraud. Bobby refunded                                6        Service revenue    500
            the customers $500 fee and sent him a free calendar.                                        Cash        500
        6    Collected $16,000 from clients for services rendered.                                6        Cash    16,000
                                                    Accounts receivable        16,000
        7    Paid $7,500 for radio advertisements to be aired from July 1                                7        Prepaid advertising    7,500
            through September 30.                                        Cash        7,500
        12    Purchased equipment for $48,000 paying $18,000 in cash and                                12        Equipment    48,000
                                                    Cash        18,000
            issuing a note for the remaining amount.                                        Notes payable        30,000
        13    Paid $850 for supplies                                13        Supplies    850
                                                    Cash        850
        16    Received telephone bill to be paid July 2nd, $325.                                16        Telephone expense    325
                                                    Accounts payable        325
        18    Paid $3,500 to the Little Red Choo Choo summer camp for                                18        Drawings    3,500
            Bobby's 8-year old son                                        Cash        3,500
        22    Received a $155 reduction in amount due to Verizon for erroneous                                22        Cash    155
            collect call telephone charges from a pay phone in Ecuador.                                        Accounts...