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| Teaching Since: | May 2017 |
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| Questions Answered: | 66690 |
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MCS,PHD
Argosy University/ Phoniex University/
Nov-2005 - Oct-2011
Professor
Phoniex University
Oct-2001 - Nov-2016
Shown below are selected transactions of the architectural firm of Baxter, Claxter, and Stone, Inc.
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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.)
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May 17 Declared a cash dividend of $5,000. The dividend will not be paid until June 25.
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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.)
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June 4 Received full payment from Spangler Construction Company for the invoice sent on April 5.
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June 10 Paid Bob Needham, CPA, for the bill received on May 29.
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June 25 Paid the cash dividend declared on May 17.
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a. Prepare journal entries to record the transactions in the firm’s accounting records.
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b. Identify any of the above transactions that will not result in a change in the company’s net income.
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