21. ERM Consulting Services had the following transactions for the month of Nove

Question

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 $16,000 cash and issued common stock Date Accounts and Explanation Debit Credit Nov. 1 Cash 16000 Common Stock 16000 More Info Nov. 1 The business received $16,000 cash and issued common stock. 15 Purchased office supplies on account, $500 18 Paid advertising bill, $130 20 Received $1,900 from customers for services rendered. 28 Cash dividends of $800 were paid to stockholders. Print Done

Explanation / Answer

Solution:

Journal Entries - ERM Consulting Services Date Particulars Debit Credit 1-Nov Cash Dr $16,000.00       To Common stock $16,000.00 (Being share issued for cash) 15-Nov Office supplies Dr $500.00       To Accounts payable $500.00 (To record purchase of office supplies) 18-Nov Advertising expense Dr $130.00       To Cash $130.00 (To record payment of advertising bill) 20-Nov Cash Dr $1,900.00       To Service Revenue $1,900.00 (To record cash received for service rendered) 28-Nov Dividends Dr $800.00       To Cash $800.00 (To record payment of dividend)

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