E2-3 - 28 Declared and paid a $1,000 cash dividend....

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Selected transactions for D. Reyes, an interior decorator, in its first month of business, are as follows. Jan. 2 Invested $10,000 cash in the business in exchange for common stock. 3 Purchased used car for $4,000 cash for use in business. 9 Purchased supplies on account for $500. 11 Billed customers $1,800 for services performed. 16 Paid $200 cash for advertising. 20 Received $700 cash from customers billed on January 11. 23 Paid creditor $300 cash on balance owed.
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Unformatted text preview: 28 Declared and paid a $1,000 cash dividend. Instructions Journalize the transactions: Date Description/Account Debit Credit Jan. 2 Cash 10000 Common Stock 10000 3 Equipment 4000 Cash 4000 9 Supplies 500 Accounts Payable 500 11 Accounts Receivable 1800 Service Revenue 1800 16 Advertising Expense 200 Cash 200 20 Cash 700 Accounts Receivable 700 23 Accounts Payable 300 Cash 300 28 Dividends 1000 Cash 1000...
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This note was uploaded on 07/31/2011 for the course ACCT 557 taught by Professor Kahn during the Spring '10 term at Strayer.

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E2-3 - 28 Declared and paid a $1,000 cash dividend....

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