Question

Doris Stann started her practice as a design consultant on September 1, 2018. During the first month of operations, the business completed the following transactions A (Click the icon to view the transactions.) Read the requirements Requirement 1. Record each transaction in the journal using the following account titles: Cash; Accounts Receivable: Office Supplies; Prepaid Insurance; Land; Furniture; Accounts Payable; Utilities Payable; Unearned Revenue; Common Stock; Dividends; Service Revenue; Salaries Expense; Rent Expense; and Utilities Expense. Explanations are not required. (Record debits first, then credits. Exclude explanations from journal entries Sep. 1: Received $46,000 cash and issued common stock to Stann. * More Info * Requirements - X Date Accounts Debit Credit Sep. 1 Sep. 1 4 6 7 10 1. Record each transaction in the journal using the following account titles: Cash; Accounts Receivable; Office Supplies; Prepaid Insurance; Land; Furniture; Accounts Payable; Utilities Payable; Unearned Revenue; Common Stock; Dividends, Service Revenue; Salaries Expense; Rent Expense; and Utilities Expense. Explanations are not required. 2. T-accounts have been opened for each of the accounts. Post the journal entries to the T-accounts, using transaction dates as posting references in the ledger accounts. Label the balance of each account Bal. 3. Prepare the trial balance of Doris Stann, Designer, as of September 30, 2018. 17 20 Received $46,000 cash and issued common stock to Stann. Purchased office supplies, $900, and furniture, $2,300, on account. Performed services for a law firm and received $2,000 cash. Paid $29,000 cash to acquire land to be used in operations. Performed services for a hotel and received its promise to pay the $1,400 within one week. Paid for the furniture purchased on September 4 on account. Paid assistant's semimonthly salary, $1,400. Received cash on account, $1,000 Prepared a design for a school on account, $750. Received $2,300 cash for design services to be performed in October. Received $2,600 cash for consulting with Plummer & Gordon. Paid $1,080 cash for a 12-month insurance policy starting on October 1. Paid assistant's semimonthly salary, $1,400. Paid monthly rent expense, $500. Received a bill for utilities, $500. The bill will be paid next month. Paid cash dividends of $2,900. Print Done 29 30 30 30 30 Print Done

Answer 1

Journal Entries:

Date	Account title and Explanation	Debit	Credit
Sept.1	Cash	$46,000
	Common stock		$46,000
	[To record issuance of common stock]
Sept.4	Office supplies	$900
	Furniture	$2,300
	Accounts payable		$3,200
	[To record purchase of supplies and furniture on account]
Sept.6	Cash	$2,000
	Service revenue		$2,000
	[To record cash received for services]
Sept.7	Land	$29,000
	Cash		$29,000
	[To record purchase of land]
Sept.10	Accounts receivable	$1,400
	Service revenue		$1,400
	[To record services performed on account]
Sept.14	Accounts payable	$2,300
	Cash		$2,300
	[To record cash paid for accounts payable]
Sept.15	Salaries expense	$1,400
	Cash		$1,400
	[To record payment of salaries]
Sept.17	Cash	$1,000
	Accounts receivable		$1,000
	[To record collections from customers]
Sept.20	Accounts receivable	$750
	Service revenue		$750
	[To record services performed on account]
Sept.25	Cash	$2,300
	Unearned Revenue		$2,300
	[To record cash received in advance from customers]
Sept.28	Cash	$2,600
	Service revenue		$2,600
	[To record cash received for services]
Sept.29	Prepaid insurance	$1,080
	Cash		$1,080
	[To record cash paid in advance for insurance]
Sept.30	Salaries expense	$1,400
	Cash		$1,400
	[To record payment of salaries]
Sept.30	Rent expense	$500
	Cash		$500
	[To record payment of rent expense]
Sept.30	Utilities expense	$500
	Accounts payable		$5,000
	[To record accrued utilities expense]
Sept.30	Cash dividends	2900
	Cash		2900
	[To record payment of cash dividends]