journalize each transaction of barnett auction company explanations are not required 654878

Dec. 1

Barnett received $10,000 cash and issued common stock to stockholders.

5

Paid monthly rent, $1,000.

9

Paid $5,000 cash and signed a $25,000 note payable to purchase for an office site.

10

Purchased supplies on account, $1,200.

19

Paid $600 on account.

22

Borrowed $15,000 from the bank for business use. Signed a note payable to the bank in the name of the business.

31

Service rearnues earned during the month included $6,000 cash and $5,000 on account.

31

Paid employees” salaries ($2,000), advertising expense ($1,500), and utilities expense ($1,100).

31

Declared and paid a cash dividend of $4,000.

Barnett”s Auction Company uses the following accounts:

Cash, Accounts Receivable, Supplies, Land, Accounts Payable, Notes Payable, Common Stock,

Dividends, Service Revenue, Salary Expense, Rent Expense, Advertising Expense,

and Utilities Expense.