Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

eBook Show Me How Transactions Innovative Consulting Co. has the following accounts in its ledger: Cash, Accounts Receivable, Supplies, Office Equipment, Accounts Payable, Common Stock,

eBook

Show Me How

Transactions

Innovative Consulting Co. has the following accounts in its ledger: Cash, Accounts Receivable, Supplies, Office Equipment, Accounts Payable, Common Stock, Retained Earnings, Dividends, Fees Earned, Rent Expense, Advertising Expense, Utilities Expense, Miscellaneous Expense.

Journalize the following selected transactions for October 20Y2 in a two-column journal. Journal entry explanations may be omitted. If an amount box does not require an entry, leave it blank.

Oct. 1. Paid rent for the month, $2,500.
4. Paid advertising expense, $1,000.
5. Paid cash for supplies, $1,800.
6. Purchased office equipment on account, $11,500.
12. Received cash from customers on account, $7,500.
20. Paid creditor on account, $2,700.
27. Paid cash for miscellaneous expenses, $700.
30. Paid telephone bill for the month, $475.
31. Fees earned and billed to customers for the month, $42,400.
31. Paid electricity bill for the month, $900.
31. Paid dividends, $1,500.

20Y2 Oct. 1 ---------- ---------- -----------
--------- ---------- -----------
Oct. 4 ---------- ---------- ----------
--------- ---------- ----------
Oct. 5 ---------- ---------- ---------
---------- ---------- ----------
Oct. 6 ---------- ---------- ---------
---------- --------- --------
Oct. 12 ---------- --------- ---------
----------- ---------- ---------
Oct. 20 ----------- --------- ----------
--------- --------- ----------
Oct. 27 ---------- --------- ---------
---------- --------- -----------
Oct. 30 --------- --------- -----------
--------- --------- ----------
Oct. 31 ----------- --------- ----------
----------- ---------- -----------
Oct. 31 ---------- --------- -----------
--------- ---------- -----------
Oct. 31 ---------- ---------- ----------
---------- ---------- ----------

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Survey Of Accounting

Authors: James D. Stice, W. Steve Albrecht, Earl Kay Stice, K. Fred Skousen

1st Edition

0538846178, 978-0538846172

More Books

Students also viewed these Accounting questions