Journalizing Transactions}

King Communications has been providing cellular phone service for several years. During November and December 2018, the following transactions occurred:

Nov. 2 King received \(\$ 2,400\) for November phone service from Hanaman Company.

6 King purchased \(\$ 4,750\) of supplies from Technology Associates on account.

10 King paid \(\$ 5,250\) to its hourly employees for their weekly wages.

15 King paid \(\$ 4,750\) to Technology Associates in full settlement of their account payable.

28 King paid \(\$ 2,150\) for utilities used during November.

30 King received a bill from Stormont Construction for \(\$ 1,230\) for repairs made to King's loading dock on November 15. King plans to pay the bill in early December.

Dec. 10 King paid \(\$ 1,230\) to Stormont Construction to settle the repair bill received on November 30 .

Required:

1. Prepare a journal entry for each of these transactions.

2. CONCEPTUAL CONNECTION What accounting principle did you apply in recording the November 10 transaction?

\section*{OBJECTIVE 3 Exercise