Selected transactions for Flounder, an interior decorator corporation, in its first month of business, are as follows.1. Issued stock to investors for $ 16,600 in cash.2. Purchased used car for $ 10,700 cash for use in business.3. Purchased supplies on account for $ 200.4. Billed customers $ 4,860 for services performed.5. Paid $ 290 cash for advertising at the start of the business.6. Received $ 1,570 cash from customers billed in transaction (4).7. Paid creditor $ 410 cash on account.8. Paid dividends of $ 350 cash to stockholders. Solve for missing part Journalize the transactions. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit accounttitles are automatically indented when amount is entered. Do not indent manually.)DebitCreditNo. Account Titles and Explanation16,6001.Cash16,600Common Stock10,7002.10,700Cash200Supplies200Accounts Payable4,860Accounts Receivable4,860Repair Services290Advertising ExpenseCash2906.Accounts Receivable1,570Notes Payable1,5707.Accounts Payable410Cash4108.Dividends3502503.4.5.

Journal is the primary book where transactions are originally recorded. Journal entry: A journal…

Answered: Selected transactions for Flounder, an…

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Selected transactions for Flounder, an interior decorator corporation, in its first month of business, are as follows.

1.		Issued stock to investors for $ 16,600 in cash.
2.		Purchased used car for $ 10,700 cash for use in business.
3.		Purchased supplies on account for $ 200.
4.		Billed customers $ 4,860 for services performed.
5.		Paid $ 290 cash for advertising at the start of the business.
6.		Received $ 1,570 cash from customers billed in transaction (4).
7.		Paid creditor $ 410 cash on account.
8.		Paid dividends of $ 350 cash to stockholders.