finalacial accountingplease give me the answer of this question thanks 124Chapter 3 The Accounting Cycle: Capturing Economic EvontsLI4 EXERCISE 3.8Shown below are selected transactions of the architectural firm of Baxtci, Claxter and s.Prepared building plans for Spangler Construction Company. Sent Spangler aninnfor $900 requesting payment within 30 days. (The appropriate revenue account isentitled Drafting Fees Earned.)Declared a cash dividend of $5,000. Thc dividend will not be paid until June 25Received a $2,000 bill from Beb Needham, CPA, for accounting services performedduring May. Payıment is due by June 10. (The uppropriate expense account is entitledProfessional Expenses.)Reccived full payment from Spangler Construction Company !or the invoice sent onApril 5.Paid Bob Needham, CPA, for the bill reccived on May 29.Paid the cash dividend declared on May 17.Preparing JournalEntries for Revenue,Expenses, andApril 5DividendsМаy 17Маy 29June 4June 10June 25а.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 netincome.b.

Solutions: Introduction: Journal entry is an accounting entry to record every transaction takes…

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