Exercise 2-52 (Algorithmic) Accounting Cycle

Rosenthal Decorating Inc. is a commercial painting and decorating contractor that began operations in January 2019. The following transactions occurred during the year:

On January 15, Rosenthal sold 500 shares of its common stock to William Hensley for $14,000.

On January 24, Rosenthal purchased $720 of painting supplies from Westwood Builders' Supply Company on account.

On February 20, Rosenthal paid $720 cash to Westwood Builders' Supply Company for the painting supplies purchased on January 24.

On April 25, Rosenthal billed Bultman Condominiums $57,700 for painting and decorating services performed in April.

On May 12, Rosenthal received $12,500 from Bultman Condominiums for the painting and decorating work billed in April.

On June 5, Rosenthal sent Arlington Builders a $9,500 bill for a painting job completed on that day.

On June 24, Rosenthal paid wages for work performed during the preceding week in the amount of $9,400.

Required:

Question Content Area

1. Prepare a journal entry for each of the transactions listed above.