LEARNING OUTCOME # 3-Analyze and Record Transactions Record the following transa

Question

LEARNING OUTCOME # 3-Analyze and Record Transactions Record the following transactions in the general journal of Shards Company. Leave 1 blank row between each Journal Entry. NOTE Input your entries in the table below. For the correct solution, you will use the entire space provided and leave 1 blank row between each Journal Entry. Transactions: 1. On 5/1/2017 Investors invested $40,000 cash and $50,000 equipment in exchange for common stock of Shards Company. 2. On 5/3/2017, the company signed a lease on a building and paid $6,000 cash for 3 months rent in advance. 3. On 5/4/2017, the company bought supplies of $500 on account. . On 5/10/2017 the company performed $3,000 services for a client in exchange for cash 5. On 5/15/2017 the company paid $800 cash for advertising 6. On 5/18/2017, the company performed services of $8,000 on account. 7. On 5/20/2017, the company paid $500 for the transaction on 5/4/2017. 8. On 5/25/2017, the company paid $3500 cash for salaries. 9. On 5/30/2017, the company received $5,000 for services completed on 5/18/2017 10. On 5/31/2017, the company paid a $200 dividend to stockholders. Journal Date Account Title Debit Credit

Explanation / Answer

Date Accounting titles & Explanations Debit Credit 5/1/2017 Cash 40,000 Equipment 50,000 Common stock 90,000 5/3/2017 prepaid rent 6,000 cash 6,000 5/4/2017 Supplies 500 Accounts payable 500 5/10/2017 Cash 3,000 Service revenue 3,000 5/15/2017 Advertising expense 500 cash 500 5/18/2017 Account receivable 8,000 Service revenue 8,000 5/20/2017 Accounts payable 500 cash 500 5/25/2017 Salary expense 3,500 cash 3,500 5/30/2017 Cash 5,000 Account recevable 5,000 5/31/2017 Dividend 200 cash 200

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