Question

-11 III Question 27 of 52 Current Attempt in Progress Splish Brothers Inc. was opened on August 1 by Joe Splish Brothers. The following selected events and transactions occurred during August Aug. 1 3 5 6 10 Invested $67,000 cash in the business in exchange for common stock. Purchased O'Brien's Tree Service for $38,400 cash. The price consists of land $25,000, building $10,000, and equipment $3,400. (Make one compound entry) Advertised the opening of the business, paying advertising expenses of $1,600. Paid cash $1,540 for a one-year insurance policy. Purchased equipment for $2,200 from Sunland Company, payable in 30 days. Received fees for services of $1,500 in cash. Declared and paid a $450 cash dividend. Paid wages of $1,550. Paid Sunland Company in full. Received $600 of fees in cash. 18 25 30 30 31 Splish Brothers uses the following accounts: Cash, Prepaid Insurance, Land, Buildings. Equipment, Accounts Payable, Common Stock, Dividends, Service Revenue, Advertising Expense, and Salaries and Wages Expense. Journalize the August transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter o for the amounts. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit Aug 1 Aug. 3

Answer 1

Dates	Accounts Title and explaination	Debit	Credit
1-Aug	Cash	67000
	Common Stock		67000
3-Aug	Cash	38400
	Property, Plant Equipment		38400
5-Aug	Cash	1600
	Advertisment Expense		1600
6-Aug	Cash	1540
	Prepaid Insurance		1540
10-Aug	Equipment Account (Asset account)	2200
	Accounts payable		2200
18-Aug	Cash	1500
	Sales Revenue		1500
25-Aug	Retained Earnings	450
	Dividends Payable		450
30-Aug	Salaries and Wages expense	1550
	Cash		1550
30-Aug	Accounts Payable	2200
	Cash		2200
31-Aug	Cash	600
	Accounts receivable		600