Principles of Accounting I       Preparing General Journal Transactions Review Exercise
Morris Advertising, owned by Janice Morris, provides advertising consulting services. During January 2002, the following events occurred:
Required: Prepare the journal transaction to record each of the events listed above.
Jan. 2	Janice Morris contributed $15,000 and a new computer costing $2,500 to start her business.
Jan. 4	Office supplies for inventory were purchased on account for $400.
Jan. 10	Morris Advertising obtained 12% 5-year note of $120,000 from the bank.
Jan. 22	Morris Advertising paid the utility bill for $275.
Jan. 25	Paid the outstanding balance in Accounts Payable from the purchase of office supplies on Jan. 4.
Jan. 30	Employees were paid their salaries of $3,425 for the month.
Jan. 31	Advertising services completed in January were billed to clients at $18,300.
Feb. 12	Morris Advertising received $5,500 from Bill's Flowers, a client, as payment on account.
Feb. 15	Janice Morris withdrew $6,000 from the checking account of Morris Advertising for personal use.