Ch3 Homework unproctoredTest

Ch3 Homework unproctoredTest - Homework Manager - Financial...

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Assignment Worksheet 6/22/08 - 3:12 PM Name: ____________________________ Class: Financial Accounting ACCT 116A - Tuttle (Summer2) Class #: ____________________________ Section #: ____________________________ Instructor: Tracy Tuttle Assignment: Chapter 3 Homework Question 1: (2 points) Exercise 3.8: Preparing Journal Entries for Revenue, Expenses, and Dividends L.O. 4, 6 - 8 Shown below are selected transactions of the architectural firm of Baxter, Claxter, and Stone, Inc. April 5 Prepared building plans for Spangler Construction Company. Sent Spangler an invoice for $1,570 requesting payment within 30 days. (The appropriate revenue account is entitled Drafting Fees Earned.) May 17 Declared a cash dividend of $5,800. The dividend will not be paid until June 25. May 29 Received a $1,590 bill from Bob Needham, 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 Spangler Construction Company for the invoice sent on April 5. June 10 Paid Bob Needham, CPA, for the bill received on May 29. June 25 Paid the cash dividend declared on May 17. a. Prepare journal entries to record the transactions in the firm's accounting records. Ex. 3.8 a. Apr. 5 __________ ____________ __________ ____________ Prepared plans for Spangler Construction; payment due in 30 days. May 17 __________ ____________ __________ ____________ Declared cash dividend; payment due June 25. May 29 __________ ____________ __________ ____________ Received accounting bill from Bob Needham due on June 10. June 4 __________ ____________ __________ ____________ Received full payment from Spangler Construction for bill sent April 5. June 10 __________ ____________ __________ ____________ Paid amount owed to Bob Needham, CPA. June 25 __________ ____________ __________ ____________ Paid cash dividend declared May 17. Page 1 of 5
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Ch3 Homework unproctoredTest - Homework Manager - Financial...

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