Question

Shown as follows are selected transactions of the architectural firm of Munson, Chang, and Alverez, Inc. April 5 Prepared building plans for Biltmore Construction Company. Sent Biltmore an invoice for $16,900 requesting payment within 30 days. (The appropriate revenue account is entitled Drafting Fees Earned.) May 17 Declared a cash dividend of $24,400. The dividend will not be paid until July 8. May 29 Received a $5,400 bill from Dave Jensen, CPA, for accounting services performed during May. Payment is due by June 10. (The appropriate expense account is entitled Professional Expenses.) June 4 Received full payment from Biltmore Construction Company for the invoice sent on April 5. June 10 Paid Dave Jensen, CPA, for the bill received on May 29. July 8 Paid the cash dividend declared on May 17.

Can you please answer all dates from the first for the Journal Entry. April 5, May 17, May 29, June 4, June 10, July 8. Debit and Credit. Thank you.

Answer 1

Requirement:A

Date	General Journal	Debit	Credit
April. 05	Accounts Receivables	$             16,900
	Drafting Fees Earned		$            16,900
	(To record revenue earned)
May. 17	Cash Dividend	$             24,400
	Dividend Payable		$            24,400
	(To record cash dividend)
May. 29	Professional Expenses	$               5,400
	Accounts Payable		$               5,400
	(To record professional expense)
June. 04	Cash	$             16,900
	Accounts Receivables		$            16,900
	(To record collection of recievables)
June. 10	Accounts Payable	$               5,400
	Cash		$               5,400
	(To record payment of accounts payable)
July. 08	Dividend Payable	$             24,400
	Cash		$            24,400
	(To record cash dividend paid)

Requirement:B

These transactions will not result in change in net income:

May 17 declaration of a cash dividend

June 4 collection of an accounts receivables

June 10 payment of an accounts payable

July 8 payment of a dividend payable