Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Transactions Chart of Accounts Journal Instructions Innovative Consulting Co. has the following accounts in its ledger: Cash; Accounts Receivable; Supplies; Office Equipment; Accounts Payable; Common
Transactions Chart of Accounts Journal Instructions Innovative Consulting Co. has the following accounts in its ledger: Cash; Accounts Receivable; Supplies; Office Equipment; Accounts Payable; Common Stock; Retained Eamings; Dividends: Fees Eamed; Rent Expense; Advertising Expense; Utilities Expense; Miscellaneous Expense. Transactions Oct 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. r alu casT TO Suppica, O00. 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 ill 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 Journalize the preceding selected transactions for October 20Y2 in a two-column journal. Refer to the Chart of Accounts for exact wording of account titles uctions Chart of Accounts CHART OF ACCOUNTS Innovative Consulting Co. General Ledger REVENUE ASSETS 11 Cash 41 Fees Earned 12 Accounts Receivable EXPENSES 13 Supplies 51 Rent Expense 14 Office Equipment 52 Advertising Expense 53 Utilities Expense LIABILITIES All work saved cak A Instructions Chart of Accounts 13 Supplies CAPENSE 51 Rent Expense 14 Office Equipment 52 Advertising Expense LIABILITIES 53 Utilities Expense 21 Accounts Payable 54 Miscellaneous Expense EQUITY 31 Common Stock 32 Retained Earnings 33 Dividends Jo
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started