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

Desimone€™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 Desimone 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 in total liabilities does itowe?

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Dec 1 Desimone received $23,000 cash and issued common stock to the stockholders. 5 Paid monthly rent, $1,900. 9 Paid S7,000 cash and signed a $28,000 note payable to rchase land for an office site. Purchased supplies on account, $1,100. Paid $700 on account. Borrowed $19,000 from the bank for business use. Desimone signed a note payable to the bank in the name of the business. Service revenue earned during the month included $14,000 cash and $6,000 on account. Paid employees' salaries ($2,500), advertising expense ($1,300), and utilities expense ($1,700) Declared and paid a cash dividend of $2,500 10 19 22 31 31 31