Problems
2-A-1.∗ Jill Smith opens an apartment-locater business
near a college campus. She is the sole owner of the
proprietorship, which she names Campus Apartment
Locators. During the first month of operations, July
2007, she engages in the following transactions:
a. Smith invests $35,000 of personal funds to start the
business.
b. She purchases on account office supplies costing
$350.
c. Smith pays cash of $30,000 to acquire a lot next to
the campus. She intends to use the land as a future
building site for her business office.
d. Smith locates apartments for clients and receives
cash of $1,900.