History Bookmarks Window Help newconnect.mheducation.com Payment Interface Univ

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History Bookmarks Window Help newconnect.mheducation.com Payment Interface Univ o x Apple Google Apple Cloud Yahoo Goog Practice: Week 3 Discussion Question 2 - Learning. Connect ent Saved On October 1, 2019, Helen Kennedy opened an advertising agency DATE TRANSACTIONS Oct. 1 Helen Kennedy invested $58,000 cash in the business. 2 Paid October office rent of $2,900; issued Check 1001. 5 Purchased desks and other office furniture for $14,800 from Office Furniture Mart, Inc. received Invoice 6704 payable in 60 days. 6 Issued Check 1002 for $3,100 to purchase art equipment. 7 Purchased supplies for $1,450; paid with Check 1003. 10 Issued Check 1004 for $580 for office cleaning service. Performed services for $4,000 in cash and $1, 800 on credit. (Use a 12 compound entry. 15 Returned damaged supplies for a cash refund of $380 18 Purchased a computer for $2,900 from Office Furniture Mart, Inc.. Invoice 7108; issued Check 1005 for a $1,700 down payment, with the balance payable in 30 days. (Use oner compound entrY 20 Issued Check 1006 for $7,400 to offfce Furniture Mart, Inc., as payment on account for Invoice 6704. 26 Performed services for $4,300 on credit. 27 Paid $315 for monthly telephone bill: issued Check 1007. 30 Received $3,600 in cash from credit customers. 30 Mailed Check 1008 to pay the monthly utility bill of $390. 30 Issued Checks 1009-1011 for $7,900 for salaries. Required: 1. Journalize the above transactions. 2. Post the above transactions to the ledger accounts. Prev 1 of 2 Next>

Explanation / Answer

1. In the books of ....

2. Cash:

Date Account Titles Debit Credit $ $ Oct 1 Cash 58,000 Helen Kennedy, Capital 58,000 Oct 2 Rent Expense 2,900 Cash 2,900 Oct 5 Office Equipment 14,800 Accounts Payable 14,800 Oct 6 Art Equipment 3,100 Cash 3,100 Oct 7 Supplies 1,450 Cash 1,450 Oct 10 Office Cleaning Expense 580 Cash 580 Oct 12 Cash 4,000 Accounts Receivable 1,800 Fees Income 5,800 Oct 15 Cash 380 Supplies 380 Oct 18 Office Equipment 2,900 Cash 1,700 Note Payable 1,200 Oct 20 Accounts Payable 7,400 Cash 7,400 Oct 26 Accounts Receivable 4,300 Fees Income 4,300 Oct 27 Telephone Expense 315 Cash 315 Oct 30 Cash 3,600 Accounts Receivable 3,600 Oct 30 Utilities Expense 390 Cash 390 Oct 30 Salaries Expense 7,900 Cash 7,900

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