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Chapter 2: 3TI (page 78)

EMB Consulting Services had the following transactions for the month of November. Journalize the transactions and include an explanation with each entry.

Nov. 1 The business received \(10,000 cash and issued common stock.

15 Purchased office supplies on account, \)400.

18 Paid advertising bill, \(150.

20 Received \)1,000 from customers for services rendered.

28 Cash dividends of $500 were paid to stockholders

Short Answer

Expert verified

Answer

Dividends are profits distributed to the shareholders and required entries are passed.

Step by step solution

01

Definition of Dividends

The dividends are defined as the part of the profits of the business which are distributed among the shareholders or the owners of the company.

02

Journal Entries

Date

Particulars

Amount ($)

Amount ($)

Nov 1

Cash

10,000

Common Stock

10,000

(Common stock issued)

Nov 15

Supplies

400

Accounts Payable

400

(Supplies purchased on credit)

Nov 18

Advertising Expense

150

Cash

150

(Advertising expenses paid)

Nov 20

Cash

1,000

Service Revenue

1,000

(Cash received for service revenue)

Nov 28

Dividends

500

Cash

500

(Dividends paid in cash)

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Most popular questions from this chapter

Explain the five steps in journalizing and posting transactions.

What are the four parts of a journal entry?

Consider the following accounts and identify each as an asset (A), liability (L), or equity (E). 1. Rent Expense 6. Accounts Payable 2. Common Stock 7. Unearned Revenue 3. Furniture 8. Notes Receivable 4. Service Revenue 9. Dividends 5. Prepaid Insurance 10. Insurance Expense

Using the following accounts and their balances, prepare the trial balance for Cooper Furniture Repair as of December 31, 2018. All accounts have normal balances.

Cash \( 7,000 Advertising Expense \) 1,200

Unearned Revenue 4,500 Utilities Expense 800

Equipment 10,000 Rent Expense 5,000

Service Revenue 8,000 Accounts Payable 2,300

Common Stock 12,200 Dividends 3,000

Question: Journalizing transactions, posting journal entries to T-accounts, and preparing a trial balance Victor Yang practices medicine under the business title Victor Yang, M.D. During March, the medical practice completed the following transactions:

Mar. 1 Yang contributed \(62,000 cash to the business in exchange for common stock.

5 Paid monthly rent on medical equipment, \)570.

9 Paid \(14,000 cash to purchase land to be used in operations.

10 Purchased office supplies on account, \)1,500.

19 Borrowed \(27,000 from the bank for business use.

22 Paid \)1,400 on account.

28 The business received a bill for advertising in the daily newspaper to be paid in April, \(220.

31 Revenues earned during the month included \)6,700 cash and \(5,800 on account.

31 Paid employees鈥� salaries \)2,100, office rent \(1,500, and utilities \)350. Record as a compound entry.

31 The business received \(1,000 for medical screening services to be performed next month.

31 Paid cash dividends of \)7,100.

The business uses the following accounts: Cash; Accounts Receivable; Office Supplies; Land; Accounts Payable; Advertising Payable; Unearned Revenue; Notes Payable; Common Stock; Dividends; Service Revenue; Salaries Expense; Rent Expense; Utilities Expense; and Advertising Expense. Requirements 1. Journalize each transaction. Explanations are not required.
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