EX 2-7Transactions OBJ. 2 Concrete Consulting Co. has the following accounts in
ID: 2333289 • Letter: E
Question
EX 2-7Transactions OBJ. 2 Concrete Consulting Co. has the following accounts in its ledger: Cash; Accounts Receivable Supplies; Office Equipment; Accounts Payable; Jason Payne, Capital; Jason Payne, Drawing: Fees Earned; Rent Expense; Advertising Expense; Utilities Expense; Miscellaneous Expense Journalize the following selected transactions for October 2019 in a two-column ¡ournal Journal entry explanations may be omitted. Oct. 1. Paid rent for the month, $3,600. 3. Paid advertising expense, $1,200 5. Paid cash for supplies, $750 6. Purchased office equipment on account, $8,000. 10. Received cash from customers on account, $14,800 15. Paid creditors on account, $7,110. 27. Paid cash for miscellaneous expenses, $400 30. Paid telephone bill (utility expense) for the month, $250 31. Fees earned and billed to customers for the month, $33,100 1. Paid electricity bill (utility expense) for the month, $1,050 1. Withdrew cash for personal use, $2,500Explanation / Answer
Date
General Journal
Debit
Credit
01-Oct
Rent Expense
$ 3,600.00
Cash
$ 3,600.00
(Rent expense paid)
03-Oct
Advertising Expense
$ 1,200.00
Cash
$ 1,200.00
(Expenses paid in cash)
05-Oct
Supplies
$ 750.00
Cash
$ 750.00
(Supplies purchased)
06-Oct
Office Equipments
$ 8,000.00
Accounts Payable
$ 8,000.00
(Equipment purchased on account)
10-Oct
Cash
$ 14,800.00
Accounts receivables
$ 14,800.00
(Cash received)
15-Oct
Accounts Payable
$ 7,110.00
Cash
$ 7,110.00
(Creditors paid off)
27-Oct
Miscellaneous expense
$ 400.00
Cash
$ 400.00
(expenses paid in cash)
30-Oct
Utility expense
$ 250.00
Cash
$ 250.00
(expenses paid in cash)
31-Oct
Account receivables
$ 33,100.00
Fees Earned
$ 33,100.00
(Revenue earned but not received)
31-Oct
Utility expense
$ 1,050.00
Cash
$ 1,050.00
(expenses paid in cash)
31-Oct
Jason Payne Drawings
$ 2,500.00
Cash
$ 2,500.00
(cash withdrawn for personal use)
Date
General Journal
Debit
Credit
01-Oct
Rent Expense
$ 3,600.00
Cash
$ 3,600.00
(Rent expense paid)
03-Oct
Advertising Expense
$ 1,200.00
Cash
$ 1,200.00
(Expenses paid in cash)
05-Oct
Supplies
$ 750.00
Cash
$ 750.00
(Supplies purchased)
06-Oct
Office Equipments
$ 8,000.00
Accounts Payable
$ 8,000.00
(Equipment purchased on account)
10-Oct
Cash
$ 14,800.00
Accounts receivables
$ 14,800.00
(Cash received)
15-Oct
Accounts Payable
$ 7,110.00
Cash
$ 7,110.00
(Creditors paid off)
27-Oct
Miscellaneous expense
$ 400.00
Cash
$ 400.00
(expenses paid in cash)
30-Oct
Utility expense
$ 250.00
Cash
$ 250.00
(expenses paid in cash)
31-Oct
Account receivables
$ 33,100.00
Fees Earned
$ 33,100.00
(Revenue earned but not received)
31-Oct
Utility expense
$ 1,050.00
Cash
$ 1,050.00
(expenses paid in cash)
31-Oct
Jason Payne Drawings
$ 2,500.00
Cash
$ 2,500.00
(cash withdrawn for personal use)
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