Set up the following T-accounts: Cash, Accounts Receivable, Office Supplies, Office Furniture, Accounts Payable, Common Stock, Dividends,

Question:

Set up the following T-accounts:
Cash, Accounts Receivable, Office Supplies, Office Furniture, Common Stock, Dividends, Service Revenue, Salary Expense, and Rent Expense. Record the following transactions directly in the T-accounts without using a journal. Use the letters to identify the transactions.
a. Eric Newton opened a law firm by investing $23,000 cash and office furniture with a fair value of $9,400. Organized as a professional corporation, the business issued to Newton.
b. Paid monthly rent of $1,000.
c. Purchased office supplies on account, $700.
d. Paid employee salaries of $2,500.
e. Paid $150 of the created in transaction c.
f. Performed legal service on account, $10,900.
g. Declared and paid dividends of $2,000.
Common Stock
Common stock is an equity component that represents the worth of stock owned by the shareholders of the company. The common stock represents the par value of the shares outstanding at a balance sheet date. Public companies can trade their stocks on... Accounts Payable
Accounts payable (AP) are bills to be paid as part of the normal course of business.This is a standard accounting term, one of the most common liabilities, which normally appears in the balance sheet listing of liabilities. Businesses receive...