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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;

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.

Transactions
Oct. 1 Paid rent for the month, $2,800.
4 Paid advertising expense, $525.
5 Paid cash for supplies, $1,250.
6 Purchased office equipment on account, $9,300.
12 Received cash from customers on account, $16,600.
20 Paid creditor on account, $3,160.
27 Paid cash for miscellaneous expenses, $590.
30 Paid telephone bill for the month, $275.
31 Fees earned and billed to customers for the month, $50,160.
31 Paid electricity bill for the month, $830.
31 Paid dividends, $1,700.

CHART OF ACCOUNTS

Innovative Consulting Co.
General Ledger
ASSETS
11 Cash
12 Accounts Receivable
13 Supplies
14 Office Equipment
LIABILITIES
21 Accounts Payable
EQUITY
31 Common Stock
32 Retained Earnings
33 Dividends
REVENUE
41 Fees Earned
EXPENSES
51 Rent Expense
52 Advertising Expense
53 Utilities Expense
54 Miscellaneous Expense

Journalize the transactions for October 20Y2 in a two-column journal. Refer to the Chart of Accounts for exact wording of account titles.

PAGE 1

JOURNAL

ACCOUNTING EQUATION

DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY

1

2

3

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5

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9

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