Chapter 2, Problem 2.5SE

Journalizing transactions

Arkansas Sales Consultants completed the following transaction s during the latter part of January:

Jan. 22	Performed services for customers on account, $9,000.
30	Received cash on account from customers, $7,000.
31	Received a utility bill, $210, which will be paid during February.
31	Paid monthly salary to salesman, $2,400.
31	Received $2.475 for three months of consulting service to be performed starting in February.
31	Cash dividends of $900 were pa id to stockholders.

Journalize the transactions of Arkansas Sales Consultants. Include an explanation with each journal entry.