General Journal: a. Received cash from clients on account, 44,600 b. a portion o
ID: 2344774 • Letter: G
Question
General Journal:a. Received cash from clients on account, 44,600
b. a portion of the office supplies purchased oh Aug 1, recieving full credit for their cost, 400
c. paid creditors on account, 4,950
d.purchased land for a future building site for 75,000, paying 10,000 in cash
and giving a note payable for the remainder
e. rented land purchased on aug 31 to a local university for use as a parking lot during
football season (sept, oct, nov) received advance payment of 3,600
f. paid dividends 5,000
need this as soon as possible
Explanation / Answer
DR Cash 44,600 CR Accounts receivable 44,600 DR Accounts Payable 400 CR Supplies 400 DR Accounts payable 4,950 CR Cash 4,950 DR Land 75,000 CR Cash 10,000 CR Notes Payable 65,000 DR Cash 3,600 CR Unearned rent revenue 3,600 DR Dividends 5,000 CR Cash 5,000 (This assumes the dividends had not been declared previously; if they had you would have accrued them and here you would debit dividends payable).
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