Jane Kent is a licensed CPA. During the first month of the operation of her business, the following events and transactions occurred. May 1 Kent…

Jane Kent is a licensed CPA. During the first month of the operation of her business, the following events and transactions occurred.Kent invested $25,000 cash. Hired a secretary-receptionist at a salary of $2,000 per month. Purchased $2,500 of supplies on account from Read Supply Company. Paid office rent of $900 cash for the month. Completed a tax assignment and billed client $2,100 for services provided. Received $3,500 advance on a management consulting engagement. Received cash of $1,200 for services completed for H. Arnold Co. Paid secretary-receptionist $2,000 salary for the month. Paid 40% of balance due Read Supply Company. Jane uses the following chart of accounts: No. 101 Cash, No. 112 Accounts Receivable, No. 126 Supplies, No. 201 Accounts Payable, No. 205 Unearned Revenue, No. 301 Jane Kent, Capital, No. 400 Service Revenue, No. 726 Salaries Expense, and No. 729 Rent Expense.

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