Question

Can someone solve this problem (P2-31A) from Financial Accounting 1st Edition by Jeffery Waybright and Robert Kemp. It is in chapter 2, Problem P2-31A. I am struggling with formatting all of the journalizations. I need instruction of how to post each tranaction in the journal, as well as what transaction goes where. I have completed the problem to the best of my skill level, and I really need a reference! I would like to know if someone can demonstrate how to journalize each of the tranasactions presented in the problem.

Journalize each of the following transactions

Angela Rodriguez practices law under the business title Angela Rodriguez Attorney at Law, Inc. During June, her law practice engaged in the following transactions.

1 Sold $60000 of stock to Rodriguez to start the business

3 Paid $500 for the purchase of office supplies

8 Paid $34000 cash to purchase land for an office site

12 Purchased office equipment on account for $3800

17 Borrowed $15000 from the bank. Rodriguez signed a note payable to the bank in the name of the business

26 Paid $2500 on account

30 Revenues earned during the month included $7000 cash and $9000 on account

30 Paid employees salaries, $2800; office rent, $3600; and utilities $600

30 Paid $6000 of dividends to stockholder, Rodriguez

Answer 1

date		debit	credit
01-Jun	cash	60000
	Common stock		60000		cash is received from the owner
3	supplies	500			cash is spent on office supplies
	cash		500
8	land	34000			cash is spent on land
	cash		34000
12	Office Equipment	3800			office equipment is bought on credit
	Accounts Payable		3800
17	cash	15000			cash is borrowed against a note
	notes payable		15000
26	Accounts Payable	2500
	cash		2500		cash is paid to creditors to settle dues
30	cash	7000			service revenue received partly in cash
	service revenue		7000		and partly on account
30	Accounts Receivable	9000
	service revenue		9000
30	salary expense	2800
	cash		2800
30	rent expense	3600			cash is paid for rent salaries and utilities
	cash		3600
30	utilities expense	600
	cash		600
30	dividends	6000			paid dividends to owner
	cash		6000