First Choice Fabrication, Inc., engaged in the following business transactions during May 2016: May 1 Borrowed $210.000
Question:
First Choice Fabrication, Inc., engaged in the following business transactions during May 2016:
May 1 Borrowed $210.000 from Riverside Bank. The company president signed a note payable to the bank in the name of First Choice Fabrication. Inc.
3 Paid $145,000 cash to purchase an office building
6 Provided services to customers on account, $14,100.
9 Purchased $275 of office supplies on account.
13 Provided services to cash customers, $6,800.
15 Paid $2,000 of dividends to company stockholders
17 Received payment on account from credit customers. $9.200.
18 Paid property tax expense on office building, $2.240.
22 Paid employee salaries, $4,700.
26 Paid cash to purchase supplies, $250.
31 Paid $150 on account.
First Choice Fabrication, Inc., uses the following accounts: Cash, Accounts Receivable, Supplies, Building, Accounts Payable, Notes Payable, Common Stock, Dividends, Service Revenue, Salaries Expense, and Property Tax Expense.
Requirement
Journalize each transaction. Omit explanations?
Step by Step Answer: