Selected transactions for Bramble Mill during its first month of operations are as follows.
March 2 Issued common stock for $11,400 cash.
March 4 Purchased used car for $1,400 cash and $9,300 on account, for use in the business.
March 10 Billed customers $2,700 for services performed.
March 13 Paid $285 cash to advertise business opening.
March 25 Received $1,150 cash from customers billed on March 10.
March 27 Paid amount owed for used car purchased on March 4.
March 30 Received $900 cash from a customer for services to be performed in April.
March 31 Declared and paid $350 of dividends to stockholders.
Journalize the transactions. (If no entry is required, select “No Entry” for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. List all debit entries before credit entries.)
Solution
| Date | Account Titles | Debit ($) | Credit ($) |
| March 2 | Cash | 11,400 | |
| Common Stock | 11,400 | ||
| March 4 | Equipment | 10,700 | |
| Cash | 1,400 | ||
| Accounts Payable | 9,300 |
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