Cheryl Fereday Began an Engineering Design Company and During the Month

Essay

Cheryl Fereday began an engineering design company and during the month of October completed these transactions:(a) Began business by investing cash, $11,000, and computer equipment with a fair value of $3,000.(b) Paid rent for one year in advance, $3,000.(c) Completed a beam design and billed the client for $3,000.(d) Paid the utilities bill for the month, $100.(e) Wrote a $1,000 cheque on the business bank account for personal expenses. Prepare journal entries to record the above transactions. Include a brief description for each entry.