Dividends of 3000 were declared and paid Worksheet tab You h

Dividends of $3,000 were declared and paid.

(Worksheet tab)

	You have been hired as an accountant for NFT Consulting Inc. This business was created when some friends decided to make use of their newly minted college degrees and go into business together. The business was created on November 1, 2017. The company will have a fiscal year end of October 31st.   The initial formation transactions and early purchases for NFT Consulting Inc. resulted in the balances that are included in the first 2 columns of the Worksheet. (see the worksheet tab)
	During November, the first month of operations, the following transactions occurred: Record Journal Entires for these transactions
Date	Event
1-Nov	Paid $7,200 for 12 months rent on office space
2-Nov	Purchased office furniture for $8,950.
3-Nov	Purchased $11,354 of additional office supplies on account.
8-Nov	Borrowed 20,000 from the bank for operating cash. The note has a 3% interest rate (simple interest) and is to be paid back in 4 years
15-Nov	Received $10,800 from Fortuna Inc. for work to be performed over the next 12 months.
20-Nov	Paid $1,560 for utilities.
21-Nov	Performed services for various customers for $13,200 cash and another $18,100 on account.
25-Nov	Paid $8,650 for purchases of supplies previously made on account.
27-Nov	Paid salaries to employees totaling $5,200 for 1 week.
30-Nov	Collected $12,300 as payment for amounts previously billed.
30-Nov	Dividends of $3,000 were declared and paid. (Worksheet tab) BEGINNING NUMBERS ACCOUNT DEBIT CREDIT Cash         221,400 Accounts Receivable Supplies             8,650 Prepaid Rent Land           40,000 Computer Equipment           38,600 Accumulated Depreciation, Comp Equip Office Furniture Accumulated Depreciation, Off Furn Accounts Payable             8,650 Salaries Payable Interest Payable Unearned Revenue Long-term Notes Payable Common Stock         300,000 Retained Earnings Dividends Service Revenue Salaries Expense Rent Expense Supplies Expense Maintenance Expense Utilities Expense Interest Expense Depreciation Expense, Comp Equip Depreciation Expense, Office Furniture         308,650         308,650

Solution

01-Nov Prepaid rent 7200             Cash 7200 02-Nov Office furniture 8950              Accounts payable 8950 03-Nov Office supplies 11354              Accounts payable 11354 08-Nov Cash 20000            Notes payable 20000 15-Nov Cash 10800             Unearmed revenue 10800 20-Nov Utilities expense 1560             Cash 1560 21-Nov Cash 13200 Accounts receivable 18100               Service revenue 31300 25-Nov Accounts payable 8650              Cash 8650 27-Nov Salaries and wages expense (5200*4) 20800              Cash 20800 30-Nov Cash 12300            Accounts receivable 12300 30-Nov Dividend 3000             Cash 3000