Answer:
Please see explanation
Explanation:
The transactions shall be recorded in the general ledger in the following way:
Debit Credit
Cash $13,000
Common stock $13,000
(Received $13,000 cash from the issue of common stock)
Accounts receivable $45,000
Revenue $45,000
(Performed services on account for $45,000)
Utility expense $1,100
Cash $1,100
(Paid the utility expense of $1,100)
Cash $33,000
Accounts receivable $33,000
(Collected $33,000 of the accounts receivable)
Salaries expense $6,250
Salaries payable $6,250
(Recorded $6,250 of accrued salaries at the end of the year)
Retained Earnings $1,000
Cash $1,000
(Paid a $1,000 cash dividend to the stockholders)
