Miko Ohara provides consulting services under the business title MO Consulting, Inc. During November, her business engaged in the following transactions:
Nov 1 Sold $55,000 of shares to Ohara to start the business.
3 Paid $200 for the purchase of office supplies.
8 Paid $28,000 cash to purchase land for an office site.
12 Purchased office equipment on account, $2,800.
17 Borrowed $50,000 from the bank. Ohara signed a note payable to the bank in the name of the business.
26 Paid $2,700 on account.
30 Revenues earned during the month included $12,000 cash and $23,000 on account. 30 Paid employees’ salaries, $2,100; office rent, $2,500; and utilities, $300.
30 Paid $2,000 of dividends to shareholder, Ohara.
Ohara’s business uses the following accounts: Cash, Accounts Receivable, Supplies, Land, Office Equipment, Accounts Payable, Notes Payable, Common Shares, Dividends, Service Revenue, Salary Expense, Rent Expense, and Utilities Expense.
Requirement
Journalize each transaction. Omit explanations.