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?

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Related Book For  book-img-for-question

Financial Accounting

ISBN: 978-0134436111

4th edition

Authors: Robert Kemp, Jeffrey Waybright

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