Journalizing transactions (Learning Objective 3) 15–20 min.

Flores & Associates, Inc., completed the following transactions during December 2014, its first month of operations:

Requirement 1. Using the steps outlined in the five-step transaction analysis, journalize the transactions of Flores & Associates, Inc. List transactions by date. Explanations are not required.AppendixLO1

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Dec 1 3 Sold $80,000 of common stock to Angela Flores to start the business. Purchased supplies on account, $160. Paid cash for a building to use for storage, $45,000. 6 Performed service for customers and received cash, $3,700. Paid on accounts payable, $120. 18 24 Performed service for customers on account, $2,650. Received cash from a customer on account, $2,100. 31 Paid the following expenses: salaries, $1,100; and rent, $1,450.