Allison Alton practices law under the business title Allison Alton,Alton\'s busi

Question

Allison Alton practices law under the business title Allison Alton,Alton's business uses the following accounts Attorney at Law, Inc. During June, her law practice engaged in (Click the icon to view the accounts) the following transactions (Click the icon to view the transactions.) Jun 1: Sold $65,000 of common stock to Alton to start the business Requirement 1. Journalize each transaction. No exolanations are Journal Entry Date Accounts Debit Credit Chonse from any list or enter any nmber in the innut fieldts.and.ithen click.Check Answer.

Explanation / Answer

Journal entry:

Date account and expalantion debit credit June 1 Cash 65000 Common Stock 65000 (To record business start) June 3 Office supplies 300 Cash 300 (To record purchase of office supplies) June 8 Land 30000 Cash 30000 (To record purchase land) June 12 Office equipment 2800 Account payable 2800 (To record purchase office equipment) June 17 Cash 5000 Notes ;payable 5000 (To record borrow from bank) June 26 Account payable 2400 Cash 2400 (To record amount paid) June 30 Cash 7000 Account receivable 21000 Sales revenue 28000 (To record revenue) June 30 Salary expense 2650 Office rent 1300 Utilities expense 150 Cash 4100 (To record expense paid) June 30 Dividend 3000 Cash 3000 (To record dividend paid)

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