Preparing Journal Entries

Dyna Corp., a legal firm, completed the following transactions during the month of January, its first month of operations.

Analyze each of the transactions and record the general journal entry for each, omitting explanations. Ignore any month$-$end adjusting entries.

Transactions $1-6$

$7.$ Jan $13$ Paid cash to settle the account for supplies purchased on January $3.$

$8.$ Jan $20$ Performed legal services for $$50,000$ cash.

$9.$ Jan $30$ Collected $$20,000$ cash from customer on account for legal services performed on January $4.$

$10.$ Jan $31$ Paid $$30,000$ cash in salaries for the month of January.

$11.$ Jan $31$ Paid $$10,000$ cash dividends to shareholders.

$12.$ Jan $31$ Paid $$50,000$ cash for January rent.

General Journal

Ref.

Account Name

Dr$.$

Cr$.$