Amanda Bradford practices law under the business title Amanda Bradford, Attorney at Law, Inc. During June, her
Question:
Amanda Bradford practices law under the business title Amanda Bradford, Attorney at Law, Inc. During June, her law practice engaged in the following transactions:
Jun 1 Sold $95000 of common stock to Bradford to start the business
3 Paid $200 for the purchase of office supplies
8 Paid $38000 cash to purchase land for an office site
12 Purchased office equipment on account, $3,500.
17 Borrowed $10000 from the bank. Bradford signed a note payable to the bank in the name of the business.
26 Paid $2.500 on account.
30 Revenues earned during the month included $11,000 cash and $25000 on account.
30 Paid employees' salaries, $2.700 office rent, $1.800 and utilities, $365.
30 Paid $9.000 of dividends to stockholder. Bradford.
Bradford's business uses the following accounts: Cash, Accounts Receivable, Supplies, Land, Office Equipment, Accounts Payable, Notes Payable, Common Stock, Dividends, Service Revenue, Salaries Expense, Rent Expense, and Utilities Expense.
Requirement
Journalize each transaction. Omit explanations.
Common StockCommon stock is an equity component that represents the worth of stock owned by the shareholders of the company. The common stock represents the par value of the shares outstanding at a balance sheet date. Public companies can trade their stocks on...
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