Question: Avery Alton practices law under the business title Avery Alton

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.

Requirement
1. Journalize each transaction. Omit explanations.


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  • CreatedApril 29, 2014
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