Blanton Glass Etching, Inc., owns shops in outlet malls. The business completed the following transactions during June:

Blanton uses the following accounts: Cash, Supplies, Land, Accounts Payable, Notes Payable, Common Stock, Dividends, Service Revenue, Salary Expense, Rent Expense, and Advertising Expense.
Required
1. Journalize each transaction. Explanations are not required. (pp. 72-77)
2. Prepare T-accounts for Cash, Accounts Payable, and Notes Payable. Post to these 3 accounts.
3. After these transactions, how much cash does the business have? How much does it owe in total liabilities?

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June 1 Received cash of $25,000 and issued common stock to the stockholders. 2 Paid $10,000 cash and signed a $30,000 note payable to purchase land. Received $15,000 cash from service revenue and deposited that a mount in the bank. 7 10 Purchased supplies on account, $1,700. 15 Paid employees' salaries, $2,800, and rent on a shop, $1,800. 15 Paid advertising expense, $1,200. 16 Paid $800 on account. 17 Declared and paid a cash dividend of $3,000.