Question: Advantage Advertising Inc engaged in the following business transactions during

Advantage Advertising, Inc. engaged in the following business transactions during November of 2013:
Nov 1 Borrowed $200,000 from First National Bank. The company president signed a note payable to the bank in the name of Advantage Advertising, Inc.
3 Paid $145,000 cash to purchase an office building.
6 Provided services to customers on account, $14,700.
9 Purchased $1,600 of office supplies on account.
13 Provided services to cash customers, $8,100.
15 Paid $6,000 of dividends to company shareholders.
17 Received payment on account from credit customers, $6,600.
18 Paid property tax expense on office building, $1,600.
22 Paid employee salaries, $2,800.
26 Paid cash to purchase supplies, $700.
30 Paid $2,000 on account.
Advantage Advertising, Inc. uses the following accounts: Cash, Accounts Receivable, Supplies, Building, Accounts Payable, Notes Payable, Common Shares, Dividends, Sales Revenue, Salary Expense, and Property Tax Expense.
Journalize each transaction. Omit explanations.

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  • CreatedJuly 08, 2015
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