Party Time Amusements Company owns movie theaters. Party Time engaged in the following business transactions in 2012:

Party Time Amusements uses the following accounts: Cash, Supplies, Building, Accounts payable, Notes payable, Common stock, Dividends, Service revenue, Salary expense, Rent expense, and Property tax expense.

Requirements 

1.Journalize each transaction of Party Time as shown for November 1. Explanations are not required.
2.Post the transactions to the T-accounts, using transaction dates as posting references in the ledger accounts. Label the balance of each account Bal.

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Nov 1 2 5 10 15 15 16 28 30 Darrell Palusky invested $3.50,000 personal cash in the business by depositing that amount in a bank account titled Party Time Amusements. The business issued common stock to Palusky. Paid $320,000 cash to purchase a theater building. Borrowed $220,000 from the bank. Palusky signed a note payable to the bank in the name of Party Time. Purchased theater supplies on account, $1,000. Paid $600 on account. Paid property tax expense on theater building, $1,400. Paid employees' salaries $2,900, and rent on equipment $1,300. Make a single compound entry. Paid cash dividends of $8,000. Received $20,000 cash from service revenue and deposited that amount in the bank.