Required
The following information is from the records of attorney Glenn Price. Write a brief explanation of the accounting event represented in each of the general journal entries.

Transcribed Image Text:

Debit 40,000 24,000 1,600 48,000 2,000 8,000 Date Jan. 1 Feb. 1 Mar. 1 Account Titles Credit Cash 40,000 24,000 1,600 48,000 Common Stock Cash Service Revenue Prepaid Rent Cash Accounts Receivable Service Revenue May 1 Supplies Cash 2,000 June 10 Cash Unearned Revenue 8,000 Cash July 10 Aug. 1 Oct. 1 Accounts Receivable Salaries Expense 4,000 Cash 4,000 Dividends 2,000 Cash 2,000 Nov. 1 Property lax Expense 3,000 Cash 3,000 Dec. 31 Rent Expense 4,400 4,400 Prepaid Rent Unearned Revenue 31 2,240 Service Revenue 2,240 31 Supplies Expense Supplies