The CPI is a measure of the
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average prices paid by consumers for a fixed basket of goods and services.
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average prices of all goods.
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percentage change in the price level.
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average change in the output of the goods and services purchased by a typical urban consumer.
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average prices of all goods and services produced.
The CPI is a measure of the
-
average prices paid by consumers for a fixed basket of goods and services.
-
average prices of all goods.
-
percentage change in the price level.
-
average change in the output of the goods and services purchased by a typical urban consumer.
-
average prices of all goods and services produced.
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Problem 2-2A (Part Level Submission)
Julia Dumars is a licensed CPA. During the first month of operations of her business, Julia Dumars, Inc., the following events and transactions occurred.
| May 1 | Stockholders invested $20,700 cash in exchange for common stock. | |
| 2 | Hired a secretary-receptionist at a salary of $2,700 per month. | |
| 3 | Purchased $2,400 of supplies on account from Vincent Supply Company. | |
| 7 | Paid office rent of $830 cash for the month. | |
| 11 | Completed a tax assignment and billed client $3,800 for services performed. | |
| 12 | Received $2,500 advance on a management consulting engagement. | |
| 17 | Received cash of $1,800 for services performed for Orville Co. | |
| 31 | Paid secretary-receptionist $2,700 salary for the month. | |
| 31 | Paid 40% of balance due Vincent Supply Company. |
Julia uses the following chart of accounts: No. 101 Cash, No. 112 Accounts Receivable, No. 126 Supplies, No. 201 Accounts Payable, No. 209 Unearned Service Revenue, No. 311 Common Stock, No. 400 Service Revenue, No. 726 Salaries and Wages Expense, and No. 729 Rent Expense.
A.Journalize the transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
B.
Post to the ledger accounts. (Post entries in the order of journal entries presented in the previous part.)
C.
Prepare a trial balance on May 31, 2017.
