Wickers Restoration Services had the following transactions on May. 1. Received $48,000 from sale of common stock. 2. Paid rent on office for the month, $880. 3. Purchased supplies on account, $1,750. 4. Earned fees, receiving cash, $12,600. 5. Paid creditor on account, $1,000. 6. Paid automobile expenses for month, $375, and miscellaneous expenses, $250. 7. Paid office salaries for the month, $3,900. 8. Earned fees which the customer will pay next month, $2,400. 9. Determined that the cost of supplies used was $280. 10. Paid dividends, $2,400. a. Prepare the journal entries for the above transactions on May 31. Refer to the Chart of Accounts for exact wording of account titles. CHART OF ACCOUNTSWickers Restoration ServicesGeneral Ledger ASSETS 11 Cash 12 Accounts Receivable 13 Supplies 14 Prepaid Insurance 16 Office Equipment LIABILITIES 21 Accounts Payable 22 Unearned Revenue 23 Notes Payable EQUITY 31 Common Stock 32 Retained Earnings 33 Dividends REVENUE 41 Fees Earned EXPENSES 51 Rent Expense 52 Wages Expense 53 Automobile Expense 54 Supplies Expense 55 Miscellaneous Expense

Wickers Restoration Services had the following transactions on May. 1. Received $48,000 from sale of common stock. 2. Paid rent on office for the month, $880. 3. Purchased supplies on account, $1,750. 4. Earned fees, receiving cash, $12,600. 5. Paid creditor on account, $1,000. 6. Paid automobile expenses for month, $375, and miscellaneous expenses, $250. 7. Paid office salaries for the month, $3,900. 8. Earned fees which the customer will pay next month, $2,400. 9. Determined that the cost of supplies used was $280. 10. Paid dividends, $2,400. a. Prepare the journal entries for the above transactions on May 31. Refer to the Chart of Accounts for exact wording of account titles. CHART OF ACCOUNTSWickers Restoration ServicesGeneral Ledger ASSETS 11 Cash 12 Accounts Receivable 13 Supplies 14 Prepaid Insurance 16 Office Equipment LIABILITIES 21 Accounts Payable 22 Unearned Revenue 23 Notes Payable EQUITY 31 Common Stock 32 Retained Earnings 33 Dividends REVENUE 41 Fees Earned EXPENSES 51 Rent Expense 52 Wages Expense 53 Automobile Expense 54 Supplies Expense 55 Miscellaneous Expense

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter3: Analyzing And Recording Transactions

Section: Chapter Questions

Problem 12PB: Prepare journal entries to record the following transactions that occurred in March: A. on first day...

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1.	Received $48,000 from sale of common stock.
2.	Paid rent on office for the month, $880.
3.	Purchased supplies on account, $1,750.
4.	Earned fees, receiving cash, $12,600.
5.	Paid creditor on account, $1,000.
6.	Paid automobile expenses for month, $375, and miscellaneous expenses, $250.
7.	Paid office salaries for the month, $3,900.
8.	Earned fees which the customer will pay next month, $2,400.
9.	Determined that the cost of supplies used was $280.
10.	Paid dividends, $2,400.

	ASSETS
11	Cash
12	Accounts Receivable
13	Supplies
14	Prepaid Insurance
16	Office Equipment

	LIABILITIES
21	Accounts Payable
22	Unearned Revenue
23	Notes Payable

	EQUITY
31	Common Stock
32	Retained Earnings
33	Dividends

	REVENUE
41	Fees Earned

	EXPENSES
51	Rent Expense
52	Wages Expense
53	Automobile Expense
54	Supplies Expense
55	Miscellaneous Expense

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