Problem Data

• Consider the following four transactions for Farragut, LLC as of 6/30/2112:
  • Prepaid rent in the amount of $1,200 has expired
  • Salaries and wages in the amount of $3,000 are accrued
  • Dividends in the amount of $1,000 are declared but not paid
  • Unearned services revenue in the amount of $2,250 has been earned

• Required

• Prepare, in good form, the journal entry for each of the four transactions listed above. Use the General Journal format shown on page 75 of the textbook when preparing your journal entries without any lines, color, or shading.
• Determine the net (i.e., combined) effect of these four transactions on the following four items. Present your answer on four lines immediately below your four journal entries.
  • Net income
  • Total assets
  • Total owners' equity
  • Working capital
• Do not use color to shade any cells, place lines or cell borders around your journal entries. Use uniform column widths and row heights.