Maurice Tutor

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Teaching Since: May 2017
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Education

  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 19 Aug 2017 My Price 8.00

Stone, Inc.

Shown below are selected transactions of the architectural firm of Baxter, Claxter, and Stone, Inc.

April 5    Prepared building plans for Spangler Construction Company. Sent Spangler an invoice for $900 requesting payment within 30 days. (The appropriate revenue account is entitled Drafting Fees Earned.)

May 17    Declared a cash dividend of $5,000. The dividend will not be paid until June 25.

May 29    Received a $2,000 bill from Bob Needham, CPA, for accounting services performed during May. Payment is due by June 10. (The appropriate expense account is entitled Professional Expenses.)

June  4    Received full payment from Spangler Construction Company for the invoice sent on April 5.

June 10    Paid Bob Needham, CPA, for the bill received on May 29.

June 25    Paid the cash dividend declared on May 17.

a.       Prepare journal entries to record the transactions in the firm’s accounting records.

b.       Identify any of the above transactions that will not result in a change in the company’s net income.

Answers

(5)
Status NEW Posted 19 Aug 2017 05:08 PM My Price 8.00

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