/*! This file is auto-generated */ .wp-block-button__link{color:#fff;background-color:#32373c;border-radius:9999px;box-shadow:none;text-decoration:none;padding:calc(.667em + 2px) calc(1.333em + 2px);font-size:1.125em}.wp-block-file__button{background:#32373c;color:#fff;text-decoration:none} 6SE Journalizing transactions聽Harpe... [FREE SOLUTION] | 91影视

91影视

Log out

Learning Materials

Features

Discover

Chapter 2: 6SE (page 92)

Journalizing transactions

Harper Sales Consultants completed the following transactions during the latter part of January:

Jan. 22 Performed services for customers on account, \(7,500.

30 Received cash on account from customers, \)8,000.

31 Received a utility bill, \(220, which will be paid during February.

31 Paid monthly salary to salesman, \)2,500.

31 Received \(2,310 for three months of consulting service to be performed starting in February.

31 Cash dividends of \)950 were paid to stockholders.

Journalize the transactions of Harper Sales Consultants. Include an explanation with each journal entry.

Short Answer

Expert verified

The dividend is distributed profit and required journal entries are passed is step 2.

Step by step solution

01

Definition of Dividend

The dividends are defined as the part of profits that are distributed to the owner or shareholder of the company.

02

Journal Entries

Journal entry

Date

Particulars

Debit ($)

Credit ($)

Jan

22

Accounts Receivables

7,500

Service Revenue

7,500

(Services provided on credit)

30

Cash

8,000

Accounts Receivables

8,000

(Cash received from clients)

31

Utility Expense

220

Accounts Payable

220

(Utility expense incurred)

31

Salary Expense

2,500

Cash

2,500

(Salary expenses are paid)

31

Cash

2,310

Unearned Revenue

2,310

(Cash received for unearned revenue)

31

Dividends

950

Cash

950

(Cash Dividends are paid)

Unlock Step-by-Step Solutions & Ace Your Exams!

  • Full Textbook Solutions

    Get detailed explanations and key concepts

  • Unlimited Al creation

    Al flashcards, explanations, exams and more...

  • Ads-free access

    To over 500 millions flashcards

  • Money-back guarantee

    We refund you if you fail your exam.

Over 30 million students worldwide already upgrade their learning with 91影视!

One App. One Place for Learning.

All the tools & learning materials you need for study success - in one app.

Get started for free

Most popular questions from this chapter

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

Question:The following transactions occurred for Lawrence Engineering:

Jul. 2 Received \(14,000 contribution from Brett Lawrence in exchange for common stock.

4 Paid utilities expense of \)370.

5 Purchased equipment on account, \(1,600.

10 Performed services for a client on account, \)2,900.

12 Borrowed \(7,100 cash, signing a notes payable.

19 Cash dividends of \)200 were paid to stockholders.

21 Purchased office supplies for $840 and paid cash.

27 Paid the liability from July 5.

Requirements 1. Open the following T-accounts for Lawrence Engineering: Cash; Accounts Receivable; Office Supplies; Equipment; Accounts Payable; Notes Payable; Common Stock; Dividends; Service Revenue; and Utilities Expense.

Identifying increases and decreases in accounts and normal balances Insert the missing information into the accounting equation. Signify increases as Incr. and decreases as Decr.

(a) ASSETS Retained Earnings Common Stock (d) Revenues Expenses Contributed Capital (g) (p) (h) Credit (k) Debit (l) Credit (i) (q) (j) Credit Incr. (r) (m) Credit Decr. (o) (f) Credit (c) LIABILITIES (b)

What are the four parts of a journal entry?

Question: Journalizing transactions, posting journal entries to T-accounts, and preparing a trial balance

Vince York practices medicine under the business title Vince York, M.D. During July, the medical practice completed the following transactions:

Jul. 1 York contributed \(63,000 cash to the business in exchange for common stock.

5 Paid monthly rent on medical equipment, \)510.

9 Paid \(23,000 cash to purchase land to be used in operations.

10 Purchased office supplies on account, \)1,600.

19 Borrowed \(22,000 from the bank for business use.

22 Paid \)1,100 on account.

28 The business received a bill for advertising in the daily newspaper to be paid in August, \(240.

31 Revenues earned during the month included \)6,400 cash and \(6,000 on account.

31 Paid employees鈥� salaries \)2,200, office rent \(1,900, and utilities \)560. Record as a compound entry.

31 The business received \(1,120 for medical screening services to be performed next month.

31 Paid cash dividends of \)7,200.

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
See all solutions

Recommended explanations on Business Studies Textbooks

Business Operations

Read Explanation

Managerial Economics

Read Explanation

Organizational Behavior

Read Explanation

Sales in Business

Read Explanation

Family Business

Read Explanation

Finance Literacy (Business Studies)

Read Explanation
View all explanations

What do you think about this solution?

We value your feedback to improve our textbook solutions.

Study anywhere. Anytime. Across all devices.