mathxl.com Do Homework Do Homework - Jannessa Lai ACCT 230 Sections 1-4 Homework

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mathxl.com Do Homework Do Homework - Jannessa Lai ACCT 230 Sections 1-4 Homework: Journal lize and Post, Save Transactions Score: 0 of 1 pt T12-3 (similar to) 1 of 9 (0 complete) HW Score: 0%, 0 of 9 pts Question Help 21. ERM Consulting Services had the following transactions for the month of November. Journalize the transactions and include an explanation with each entry. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) (Click the icon to view the transactions.) Nov. 1: The business received $15,000 cash and issued common stock. Date Accounts and Explanation Debit Credit Office Supplies Advertising Expense Dividends Cash Paid cash on account. Nov. 1 750 120 300 15000 More Info 1 The business received $15,000 cash and issued common stock. 15 Purchased office supplies on account, $500 18 Paid advertising bill, $120 20 Received $1,200 from customers for services rendered 28 Cash dividends of $300 were paid to stockholders Nov. Print Done Choose Clear All Final Check remaining

Explanation / Answer

1-Nov Cash 15000      Common Stock 15000 Issued common stock 15-Nov Office Supplies 500       Accounts Payable 500 Purchased office supplies on account 18-Nov Advertising Expense 120         Cash 120 Paid advertising expense 20-Nov Cash 1200       Service Revenue 1200 Performed services and received cash 28-Nov Dividends 300         Cash 300 Paid dividends

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