Provide a detailed solution associated with the right interpretation of outcomes. Posting Journal Entries

London Bridge Inc. provides financial services to its clients. There are given the transactions

taking place in March 2022 as follows:

Mar. 3 Collected a $2,200 account receivable from Kim Mitchell Mar. 11 Purchased tables for its office for $1,700 cash.

Mar. 15 Paid $250 of outstanding accounts payable. Mar. 20 Issued additional shares of capital stock for $5,000 cash.

Mar 24 Recorded $7,400 of client revenue on account. Mar, 27 Paid March salaries of $1,900.

Mar 30 Recorded and paid March office expenses of $550. Mar. 31 Recorded $700 in printing expenses for invoices. Payment is due June 21.

Instructions

a. Record the company's March transactions in general journal form. Include a brief explanation of the transaction as part of each journal entry at the bottom. b Post T-entry to the appropriate ledger accounts as a T-account stipulating the name, the debit side, the credit side, the deto and amount of each transaction, and the closing balance for Cash Salaries and Capital Stock. As for the opening balances of the three required, please refer as below .

Cash on 1/3/2022

Capital Stock on 1/3/2022 Accounts Receivable on 1/3/2022

Debit Balance-USD 8,000

Credit Balance-USD 6,200 Debit Balance-USD 5,200

c. How do dividends affect owners' equity? Are they treated as a business expense? Explain