Question

mework Saved Help Save & Exit Check Shown as follows are selected transactions of the architectural firm of Baxter, Claxter, and Stone, Inc. April 5 Prepared building plans for Spangler Construction Company. Sent Spangler an invoice for $1,5ee requesting payment within 30 days. The appropriate revenue account is entitled Drafting Fees Earned.) May 17 Declared a cash dividend of 54,700. The dividend will not be paid until June 25. May 29 Received a $2,300 bill from Bob Needham, 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 Spangler Construction Company for the invoice sent on April 9. June 10 Paid Bob Needham, CPA, for the bill received on May 29. June 25 Paid the cash dividend declared on May 17. a. Prepare journal entries to record the transactions in the firm's accounting records. (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) View transaction list Journal entry worksheet < 1 2 3 4 Record the entry for payment made for amount owed to Bob Needham, CPA Prev 1 of 2 !! Next >

Answer 1

Journal Entries: Apr 5 . 1500 Accounts Receivable Drafting fees earned 1500 1500 (Billed Spangler Company, payment due in 30 days) Dividend 6 Account payable . (Declared cash dividend Rayable on June 25) 4700 itoo June u Cash 1500 1500 Account Receivable (Received payment) Account Payable: June 10 2300 . . Cash 2300 (Paid to BoB Needham) June 25 Account Payable 6700 litoo Cash . 4700 (Paid dividend, declared on Maylt)