Exercise 3.8 (Static) 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 Munson, Chang, and Alverez, Inc.

April	5		Prepared building plans for Biltmore Construction Company. Sent Biltmore an invoice for $16,700 requesting payment within 30 days. (The appropriate revenue account is entitled Drafting Fees Earned.)
May	17		Declared a cash dividend of $26,000. The dividend will not be paid until July 8.
May	29		Received a $7,000 bill from Dave Jensen, CPA, for accounting services performed during May. Payment is due by June 10. (The appropriate expense account is entitled Professional Expenses.)
June	4		Received full payment from Biltmore Construction Company for the invoice sent on April 5.
June	10		Paid Dave Jensen, CPA, for the bill received on May 29.
July	8		Paid the cash dividend declared on May 17.

a. Prepare journal entries to record the transactions in the firm's accounting records.