## Answers

Requirement 2: Prepare the summary transactions

Date | Account Title and Explanation | Debit | Credit |

Jan 24 | Cash | $13,500 | |

Accounts receivable | $58,500 | ||

Service revenue | $72,000 | ||

To record service revenue | |||

Mar 13 | Cash | $46,500 | |

Accounts receivable | $46,500 | ||

To record accounts receivable collected | |||

May 6 | Cash | $11,000 | |

Common stock | $11,000 | ||

To record common stock issued | |||

June 30 | Salaries expense | $31,700 | |

Cash | $31,700 | ||

To record salaries expenses paid | |||

Sep 15 | Utilities payable | $4,400 | |

Cash | $4,400 | ||

To record outstanding utilities paid | |||

Nov 24 | Cash | $7,400 | |

Deferred Revenue | $7,400 | ||

To record service revenue received in advance | |||

Dec 30 | Dividends | $1,700 | |

Cash | $1,700 | ||

To record cash dividends paid |

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