More Practice with Journalizing Transactions

Record the following transactions as journal entries. Refer to the Chart of Accounts for account titles.

Bright, the owner, contributed $7,000 in exchange for capital. Date Accounts and Explanation Debit Credit Nov. 3 Paid $9,000 for advertising in the local paper Date Accounts and Explanation Debit Credit Nov. 4 Received $9,000 utility bill to be paid next month Date Accounts and Explanation Debit Credit Nov. 5