Avery Alton practices law under the business title Avery Alton, Attorney at Law, Inc. During September, her law practice engaged in the following transactions:
Sep 1 Sold $50,000 of common stock to Alton to start the business.
3 Paid $300 for the purchase of office supplies.
8 Paid $32,000 cash to purchase land for an office site.
12 Purchased office equipment on account, $3,000.
17 Borrowed $45,000 from the bank. Alton 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 $9,000 cash and $11,000 on account.
30 Paid employees’ salaries, $2,650; office rent, $1,200; and utilities, $600.
30 Paid $2,500 of dividends to stockholder, Alton.

Alton’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.

1. Journalize each transaction. Omit explanations.

  • CreatedApril 29, 2014
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