2 4 Question 3 (10 Marks): Listed below are the transactions of Hollywood dental clinic (a corporation) for the month of August Transaction No. Description 1 Issued ordinary shares in exchange for $30,000 cash. Purchased supplies on account for $2,000, by signing four months, note payable to Orient Supplies Company. 3 Billed patients $4,500 for services performed Received $3,000 cash from patient for services expected to be performed in November Paid S1,400 cash for August salaries and wages. Paid dividends of S700 cash to shareholders. Paid Orient Supplies S500 on account, for the supplies purchased in the second transaction Required: Joumalize August transactions, assuming Hollywood clinic has monthly accounting periods in which the current one ended on August 31. Solution: Transaction Na Accounts Debit Credit 5 6 7 3 5 6 7