Shown below 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 $900 requesting payment within 30 days. (The appropriate revenue account is entitled Drafting Fees Earned.) |
May 17 | Declared a cash dividend of $5,000. The dividend will not be paid until June 25. |
May 29 | Received a $2,000 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 5. |
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.
b. Identify any of the above transactions that will not result in a change in the company's net income.
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