GIVEN: John Smith established John's Antique Appraisals Company and completed the following transactions during January 2017, the first month of operations.

a. Opened a business bank account with a deposit of $190,000 in exchange for capital stock.

b. Purchased a car for use in the business, paid $4000 down (from the business account) and signed a note for $30,000.

c. Paid $2,500 monthly rent on office.

d. Signed a business cell phone plan. Paid $800 for the first month.

e. Purchased $5,000 of office supplies (an asset) on account.

f. Received $17,000 in cash from customers for appraisals completed.

g. Paid half of the office supplies bill from (e).

h. Paid office salaries of $9,000.

i. Billed customers for $40,000 of appraisal performed.

j. Paid dividends of $3,000.

2 Autos A Wrap Text 11 copy Fill E Merge & Center Conditional Format as Cell Insert Delete Format Paste Sort & Find & B I U N Format Painter Clear Filter select Formatting Table Styles Alignment Clipboard Font Number Styles Editing Q R 3 Journal Entries, Posting, & Trial Balance GIVEN John Smith established John's Antique Appraisals Company and completed the following transactions during January 2017, the first month of operations. a. opened a business bank account with a deposit of $190,000 in exchange for capital stock. b. Purchased a car for use in the business, paid $4000 down (from the business account) and signed a note for $30,000. Paid $2,500 monthly rent on office. 10 d. Signed a business cell phone plan. Paid $800 for the first month. e. Purchased $5,000 of office supplies (an asse on account. 12 Received $17,000 in cash from customers for appraisals completed. g. Paid half of the office supplies bi from (e). 14 h. paid office salaries of $9,000. 15 i. Billed customers for$40,000 of appraisal performed. j. Paid dividends of $3,000. 18 REQUIRED: 19 Part 1: Prepare journal entries for the items above. Journal entry explanations may be omitted 20 Leave a blank row between transactions.) Use the following accounts: 21 101 Cash 310 Capital Stock 22 105 Accounts Receivable 370 Dividends 23 110 Office Supplies 410 Fees Earned 24 120 Automobile 510 Salaries Expense I 100% Ready