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M Ratajczyk opened the Big D Emporium on March 1, 2017. During March, the following transactions were completed:
March 1 Issued 10,000 shares of common stock for $25,000 cash.
1 Purchased used servers for $10,000, paying $6,000 cash and the balance on account.
3 Purchased office supplies for $1,500 on account.
5 Paid $2,400 cash on 1-year insurance policy effective March 1.
14 Billed customers $4,200 for data analysis services.
18 Paid $1,500 cash on amount owed on servers and $500 on amount owed on office supplies.
20 Paid $2,750 cash for employee salaries.
21 Collected $1,400 cash from customers billed on March 14.
28 Billed customers $6,200 for data analysis services.
31 Paid $350 for server maintenance which did not extend the life or function of the servers.
31 Declared and paid $900 cash dividend.
Required:
1. Journalize the March transactions.
| DATE | DESCRIPTION | POST REF | DEBIT | CREDIT |
| Mar 1 2017 | Cash | | $2,500 | |
| | Common Stock | | | $2,500 |
| | | | | |
| Mar 1 2017 | Equipment | | $10,000 | |
| | Cash | | | $6,000 |
| | Accounts payable | | | $4,000 |
| | | | | |
| | | | | |
| Mar 3 2017 | Office supplies | | $1,500 | |
| | Accounts Payable | | | $1,500 |
| | | | | |
| Mar 5 2017 | Prepaid insurance | | $2,400 | |
| | Cash | | | $2,400 |
| | | | | |
| Mar 14 2017 | Accounts Receivable | | $4,200 | |
| | Services Revenue | | | $4,200 |
| | | | | |
| Mar 18 2017 | Accounts Payable | | $2,250 | |
| | Cash | | | $2,250 |
| | | | | |
| Mar 20 2017 | Salary Expense | | $2,250 | |
| | Cash | | | $2,250 |
| | | | | |
| Mar 21 2017 | Cash | | $1,400 | |
| | Accounts Receivable | | | $1,400 |
| | | | | |
| Mar 28 2017 | Accounts Receivable | | $6,200 | |
| | Service Revenue | | | $6,200 |
| | | | | |
| Mar 31 2017 | Maintenance Exp. | | $350 | |
| | Cash | | | $350 |
| | | | | |
| Mar 31 2017 | Dividend Exp | | $900 | |
| | Cash | | | $900 |
| | | | | |
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