The chart of accounts of the Fisher Dance Studio is given below, followed by the transactions that took place during October of this year:

Oct. 1 Bought a tape recorder and speaker system on account from C and H Electronics, $2,700. Paid $1,200 as a down payment with the bal¬
ance due in thirty days.
3 Bought chairs on account from Jarvis Furniture, $627, with payment due in thirty days.
5 Paid $39 for business cards (Supplies).
6 Received cash for dance lessons, $357. (Students were not billed previously.)
7 Paid rent for the month, $420.
10 Received and paid electric bill, $74.
12 Billed students for dance lessons, $1,294.
15 Paid wages to part-time assistants, $650.
16 Paid cash for liability insurance premium (one year), $330.
19 Fisher invested in the business his personal typewriter having a fair market value of $416.
21 Received bill from Ross Advertising Agency to be paid in thirty days, $179.
23 Received cash for dance lessons, $426. (Students were not billed previously.)
24 Paid wages to part-time assistants, $460.
27 Received and paid telephone bill, $72.
30 Billed students for dance lessons, $942.
30 Paid wages to part-time assistants, $695.
31 Fisher withdrew cash for personal use, $1,000.
Instructions .. S Record the transactions in a general journal, including a brief explanation for each entry. Number the journal pages 24, 25, and 26.
Check Figure Total withdrawn by Fisher, $1,000.00

Transcribed Image Text:

Assets 111 Cash 113 Accounts Receivable 115 Supplies 117 Prepaid Insurance 124 Equipment 126 Furniture Liabilities 221 Accounts Payable Owner's Equity 311 M. O. Fisher, Capital 312 M. O. Fisher, Drawing Revenue 411 Dance Revenue Expenses 511 Wages Expense 512 Advertising Expense 513 Rent Expense 514 Utilities Expense 519 Miscellaneous Expense