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Question 2: Journal Entries (13 marks) Mr. Hollywood opened a health food consulting business on October 1, 2021. During the month, the following transactions
Question 2: Journal Entries (13 marks) Mr. Hollywood opened a health food consulting business on October 1, 2021. During the month, the following transactions occurred: a. Mr. Hollywood transferred $5,000 from a personal bank account to an account to be used by the business. b. Paid advertising expense, $1,800. c. A client called to book Mr. Hollywood's time in November, Mr. Hollywood gave a quote of $1,000. d. Mr. Hollywood completed a review of a client's dietary intake for one week and charged the client $500. The client has not yet paid. e. Paid cash for miscellaneous items, $50. f. Paid telephone bill for the month, $180. g. Withdrew cash for personal use, $2,000. Journalize the above transactions directly in the following accounts: Cash; Accounts Receivable; Mr. Hollywood, Capital; Mr. Hollywood, Withdrawals; Advertising Expense, Miscellaneous Expense; Fees Earned; Telephone Expense. Debit (DR) Credit (CR)
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