Exercise -52 (Algorithmic) Accounting cycle Rosenthal Decorating Inc. is a commercial painting and decorating contractor that began operations in January 2010. The following transactions occurred in the a. On January 15, Rosenthal sold 500 shares of its common stock to William Hencluy for $30,000 D. on January 24 Rosenthal purchased $720 of painting supplies from Westwood Builders Supply Company an account C on February 20, Rosenthal paid $720 cash to Westwood Builders Supply Company for the painting supplies purchased on January 24 d. on April 25, Rosenthal billed Bultman Condominiums $27,300 for painting and decorating services performed in April On May 12, Rosenthal received $12,500 from Bultman Condominiums for the painting and decorating work billed in April On June 5, Rosenthat sent Arlington Builders a $9,500 bill for a painting job completed on that day. 9. On June 24, Rosenthal paid wages for work performed during the preceding week in the amount of $10,100 10 performed during the preceding week in the amount of $10 Required: 1. Prepare a journal entry for each of the transactions listed above. Jan. 15 Accounts Receivable X 30,000 V Common Stock X 30,000 (Record issuance of stock) Jan. 24 Supplies X 720 Cash X 720 (Record purchase of supplies on account) Feb. 20 Cash X 720 Accounts Receivable X 720 (Record payment of account) April 25 Cash X 27,300 Accounts Payable X 27,300 (Record services performed on account) May 12 Accounts Receivable x 12,500 Cash X 12,500 (Record receipt of payment) June 5 Accounts Receivable 9,500 Service Revenue X 9,500 eBook Feb. 20 720 Accounts Receivable X 720 (Record payment of account) April 25 Cash X 27,300 Accounts Payable X 27,300 (Record services performed on account) May 12 Accounts Receivable X 12,500 Cash X 12,500 (Record receipt of payment) June 5 Accounts Receivable 9,500 Service Revenue X 9,500 (Record services performed on account) June 24 Wages Expense 10,100 Cash 10,100 (Record payment of wages)