Question: Hi all, this was very confusing I need help preparing journal entries and t accounts E Menu My Subscriptions Courses /50100001-Financial Accounting-Online / Chapter 2
E Menu My Subscriptions Courses /50100001-Financial Accounting-Online / Chapter 2 / Cha CLICK HERE TO REVIEW LEARNING OBJECTIVES QUESTION 10 Incomplete answer Marked out of 378.00 P Flag question Recording Transactions in Journal Entries and T-Accounts On December 1. 2015, R. Lambert formed Lambert Services, which provides career and vocational counseling services to graduating college students. The following transactions took place during December, and company accounts include the following Cash. Accounts Receivable, Land. Accounts Payable, Notes Payable. Common Stock Retained Earnings, Counseling Services Revenue, Rent Expense. Advertising Expense Interest Expense, Salary Expense. and Utilities Expense (1) Raised $3,500 cash through common stock issuance (2) Paid $375 cash for December rent on its furnished office space. (3) Received $250 invoice for December advertising expenses. (4) Borrowed $7,500 cash from bank and signed note payable for that amount. (5) Received $600 cash for counseling services rendered. (6) Billed clients $3,400 for counseling services rendered. (7) Paid $1,100 cash for secretary salary (8) Paid $185 cash for December utilities (9) Declared and paid a $450 cash dividend. (10) Purchased land for $6,500 cash to use for its own facilities. (11) Paid s50 cash to bank a s December interest expense on note payable Required a. Prepare journal entries for each of the transactions 1 through 11. General Journal
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