This problem can be used in conjunction with Problem. Refer to Problem.

During June, 2010, the business completed these transactions:
a. Rodriguez Resources received cash of $8,600 and issued common stock.
b. Performed services for a customer and received cash of $6,500.
c. Paid $4,700 on accounts payable.
d. Purchased supplies on account, $600.
e. Collected cash from a customer on account, $200.
f. Consulted on the design of a computer system and billed the customer for services rendered, $2,700.
g. Recorded the following expenses for the month:
(1) Paid office rent $900;
(2) Paid advertising $800.
h. Declared and paid a cash dividend of $2,300.

Requirements
1. Journalize the transactions of Rodriguez Resources, Inc. Explanations are not required.
2. Prepare T-accounts for each account. Insert in each T-account its May 31 balance as given (example: Cash $1,450). Then, post the June transactions to the T-accounts.
3. Compute the balance in eachaccount.

Transcribed Image Text:

Assets LiabilitiesStockholders' Equity Accounts Common Retained Earnings 2,800 Accounts Cash Receivable Supplies Land Payable Stock 4,000 Bal 1,450 1,650 11,500 7,800