Question: Tip Top Advertising Inc engaged in the following business transactions

Tip Top Advertising, Inc. engaged in the following business transactions during July of 2013:
Jul 1 Borrowed $190,000 from Oakville Bank. The company president signed a note payable to the bank in the name of Tip Top Advertising, Inc.
3 Paid $110,000 cash to purchase an office building.
6 Provided services to customers on account, $18,400.
9 Purchased $1,200 of office supplies on account.
13 Provided services to cash customers, $8,500.
15 Paid $3,000 of dividends to company shareholders.
17 Received payment on account from credit customers, $2,900.
18 Paid property tax expense on office building, $1,400.
22 Paid employee salaries, $3,150.
26 Paid cash to purchase supplies, $500.
31 Paid $2,200 on account.
Tip Top Advertising, Inc. uses the following accounts: Cash, Accounts Receivable, Supplies, Building, Accounts Payable, Notes Payable, Common Shares, Dividends, Sales Revenue, Salary Expense, and Property Tax Expense.
Journalize each transaction. Omit explanations.

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  • CreatedJuly 08, 2015
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