124 Chapter 3 The Accounting Cycle: Capturing Economic Evonts L4 EXERCISE 3.8 Shown below are selected transactions of the architectural firm of Baxtcı, Claxter and s Preparing Journal Entries for Revenue, Expenses, and April 5 Prepared building plans for Spangler Construction Company. Sent Spangler an inn for $900 requesting payment within 30 days. (The appropriate revenue account is entitled Drafting Fees Earned.) Declared a cash dividend of $5,000. The dividend will not be paid until June 25 Received a $2,000 bill from Bob Needham, CPA, for accounting services performed during May. Payınent is due by June 10. (The appropriate expense account is entitled Professional Expenses.) thrgh Dividends May 17 Мay 29 Reccived full payment from Spangler Construction Company !or the invoice sent on April 5. June 4 June 10 Paid Bob Needham, CPA, for the bill reccived on May 29. June 25 Paid the cash dividend declared on May 17. Prepare journal cntries to record the transactions in the firım's accounting records. a. b. Identify any of the above transactions that will not result in a change in the company's net income
124 Chapter 3 The Accounting Cycle: Capturing Economic Evonts L4 EXERCISE 3.8 Shown below are selected transactions of the architectural firm of Baxtcı, Claxter and s Preparing Journal Entries for Revenue, Expenses, and April 5 Prepared building plans for Spangler Construction Company. Sent Spangler an inn for $900 requesting payment within 30 days. (The appropriate revenue account is entitled Drafting Fees Earned.) Declared a cash dividend of $5,000. The dividend will not be paid until June 25 Received a $2,000 bill from Bob Needham, CPA, for accounting services performed during May. Payınent is due by June 10. (The appropriate expense account is entitled Professional Expenses.) thrgh Dividends May 17 Мay 29 Reccived full payment from Spangler Construction Company !or the invoice sent on April 5. June 4 June 10 Paid Bob Needham, CPA, for the bill reccived on May 29. June 25 Paid the cash dividend declared on May 17. Prepare journal cntries to record the transactions in the firım's accounting records. a. b. Identify any of the above transactions that will not result in a change in the company's net income
Chapter1: Financial Statements And Business Decisions
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Transcribed Image Text:124
Chapter 3 The Accounting Cycle: Capturing Economic Evonts
LI4 EXERCISE 3.8
Shown below are selected transactions of the architectural firm of Baxtci, Claxter and s.
Prepared building plans for Spangler Construction Company. Sent Spangler aninn
for $900 requesting payment within 30 days. (The appropriate revenue account is
entitled Drafting Fees Earned.)
Declared a cash dividend of $5,000. Thc dividend will not be paid until June 25
Received a $2,000 bill from Beb Needham, CPA, for accounting services performed
during May. Payıment is due by June 10. (The uppropriate expense account is entitled
Professional Expenses.)
Reccived full payment from Spangler Construction Company !or the invoice sent on
April 5.
Paid Bob Needham, CPA, for the bill reccived on May 29.
Paid the cash dividend declared on May 17.
Preparing Journal
Entries for Revenue,
Expenses, and
April 5
Dividends
Маy 17
Маy 29
June 4
June 10
June 25
а.
Prepare journal entries to record the transactions in the firn's accounting records.
Identify any of the above transactions that will not result in a change in the company's net
income.
b.
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