During December, Blanton Auction Co. completed the following transactions:

Blanton€™s business uses the following accounts: Cash, Accounts Receivable, Supplies, Land, Accounts Payable, Notes Payable, Common Stock, Dividends, Service Revenue, Salary Expense, Rent Expense, Advertising Expense, and Utilities Expense.

Requirements
1. Journalize each transaction of Blanton Auction Co. Explanations are not required.
2. Post to these T-accounts: Cash, Accounts Payable, and Notes Payable.
3. After these transactions, how much cash does the business have? How much does it owe in totalliabilities?

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Blanton received $25,000 cash and issued common stock to the stockholders. Dec 1 5 Paid monthly rent, $1,600. 9 Paid $8,500 cash and signed a $36,000 note payable to purchase land for a Purchased supplies on account, $1,000. Paid S650 on account. Borrowed $20,000 from the bank for business use. Blanton signed a note payable to the bank in the name of the business. Service revenue earned during the month included $13,500 cash and S5,000 on account. Paid employees' salaries (S2,700), advertising expense ($1,700), and utilities expense ($1,100). Declared and paid a cash dividend of $4,000. n office site. 10 19 22 31 31 31