16. Prepare journal entries for each of the following transactions.
1. Performed services for customers on account $8,000.
2. Purchased $20,000 of equipment on account.
3. Received $3,000 from customers in transaction 1.
4. The company paid dividends of $2,000.
17. Post the following transactions to T-accounts and determine each account's ending
balance.
1. Supplies
Accounts Payable
2. Accounts Receivable
Service Revenue
3. Cash
Accounts Receivable
2,800
2,800
4,000
4,000
3,000
3,000
1,000
1,000
4. Accounts Payable
Cash
18. The ledger accounts of the Fabulous Muscles Gym at June 30, 2015 are shown below.
Accounts Payable
Accounts Receivable
Buildings
$ 9,100
1,050
