EXERCISE 3.8 Preparing Journal Entries for Revenue, Expenses, and Dividends LO3- 4, LO3-6, LO3-7, LO3-8 Shown as follows are selected transactions of the architectural firm of Baxter, Claxter, and Stone, Inc. April 5 Prepared building plans for Spangler Construction Compan Spangler an invoice for $13,200 requesting payment with 3 The appropriate revenue account is entitled Drafting Fees May 17 Declared a cash dividend of $2,400. The dividend will not b Until June 25. May 29 Received a $5,400 bill from Bob Needham, CPA, for accoun Services performed during May. Payment is due by June 10 Appropriate expense account is entitled professional Expen June 4 Received full payment from Spangler Construction Compan June 10 Invoice sent on April 5. Paid Bob Needham, CPA, for the bill received on May 29. Paid the cash dividend declared on May 17. June 25 a. Prepare journal entries to record the transactions in the firm's accounting records. b . Identify any of these transactions that will not result in a change in the company's net income