Exercise $3\mathrm{.}8($Static$)$ Preparing Journal Entries for Revenue, Expenses, and Dividends $($LO$3-4,$ LO$3-6,$ LO$3-7,$ LO$3-8)$

Shown as follows are selected transactions of the architectural firm of Munson, Chang, and Alverez, Incorporated:

April $5$ Prepared building plans for Biltmore Construction Company. Sent Biltmore an invoice for $$27,000$ requesting payment within $30$ days. $($The appropriate revenue account is entitled Drafting Fees Earned.$)$

May $17$ Declared and paid a $$32,000$ cash dividend.

May $29$ Received a $$5,800$ bill from Dave Jensen, CPA, for accounting services performed during May. Payment is due by June $10.($The appropriate expense account is entitled Professional Expenses.$)$

June $4$ Received full payment from Biltmore Construction Company for the invoice sent on April $5.$

June $10$ Paid Dave Jensen, CPA, for the bill received on May $29.$

Required:

Prepare journal entries to record the transactions in the firm's accounting records.

Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field.