Exercise 3-7

Selected transactions for Front Room, an interior decorator corporation, in its first month of business, are as follows.

1.		Issued stock to investors for $15,000 in cash.
2.		Purchased used car for $10,000 cash for use in business.
3.		Purchased supplies on account for $300.
4.		Billed customers $3,700 for services performed.
5.		Paid $200 cash for advertising start of the business.
6.		Received $1,100 cash from customers billed in transaction (4).
7.		Paid creditor $300 cash on account.
8.		Paid dividends of $400 cash to stockholders.

Journalize the transactions. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)

No.	Account Titles and Explanation	Debit	Credit
1.
2.
3.
4.
5.
6.
7.
8.