Reference no: EM132470603

Point 1: April5 Prepared building plans for Spangler Construction Company.

Point 2: Sent Spangler an invoice for $1,500 requesting payment within 30 days. (The appropriate revenue account is entitled Drafting Fees Earned.)

Point 3: May17 Declared a cash dividend of $5,200.

Point 4: The dividend will not be paid until June 25.May29 Received a $1,600 bill from Bob Needham, CPA, for accounting services performed during May.

Point 5: Payment is due by June 10. (The appropriate expense account is entitled Professional Expenses.)June4 Received full payment from Spangler Construction Company for the invoice sent on April 5.June10 Paid Bob Needham, CPA, for the bill received on May 29.

Point 6: June25 Paid the cash dividend declared on May 17.

Problem a. Prepare journal entries to record the transactions in the firm's accounting records. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)