Wimberley Glass, Inc. has shops in the shopping malls of a major metropolitan area. The business completed

Question:

Wimberley Glass, Inc. has shops in the shopping malls of a major metropolitan area. The business completed the following transactions:
June 1 Received cash of $25,000, and issued common shares to a shareholder.
2 Paid $10,000 cash, and signed a $30,000 note payable to purchase land for a new glassworks site.
7 Received $20,000 cash from sales, and deposited that amount in the bank.
10 Purchased supplies on account, $1,000.
15 Paid employees' salaries, $2,800, and rent on a shop, $1,800.
15 Paid advertising expense, $1,100.
16 Paid $1,000 on account.
17 Declared and paid a cash of $2,000.
Wimberley Glass, Inc. uses the following accounts: Cash, Supplies, Land, Accounts Payable, Note Payable, Share Capital, Dividends, Sales Revenue, Salary Expense, Rent Expense, and Advertising Expense.
Requirements
1. Journalize each transaction. Explanations are not required.
2. Prepare T-accounts for Cash, Accounts Payable, and Notes Payable. Post to these three accounts.
3. After these transactions, how much cash does the business have? How much does it owe in total?
Dividend
A dividend is a distribution of a portion of company’s earnings, decided and managed by the company’s board of directors, and paid to the shareholders. Dividends are given on the shares. It is a token reward paid to the shareholders for their...