Weygandt, Financial Accounting, 10e Help I System Announcements Exercise 2-17 (P
ID: 2607278 • Letter: W
Question
Weygandt, Financial Accounting, 10e Help I System Announcements Exercise 2-17 (Part Level Submission) Flint Corporation provides security services. Selected transactions for Flint are presented below. Oct. 1 Issued common stock in exchange for $65,600 cash from investors. 2 Hired part-time security consultant. Salary will be $1,860 per month. First day of work will be October 15. 4 Paid one month of rent for building for $1,860. 7 Purchased equipment for $19,950, paying $5,100 cash and the balance on account. 8 Paid $630 for advertising. 10 Received bill for equipment repair cost of $360. 12 Provided security services for event for $3,220 on account. 16 Purchased supplies for $475 on account. 21 Paid balance due from October 7 purchase of equipment 24 Received and paid utility bill for $145. 27 Received payment from customer for October 12 services performed. 31 Paid employee salaries and wages of $5,590. (a) Your answer is correct. Journalize the transactions. (Credit account titles are automatically indent ed when the amount is entered. Do r amounts.) Date Account Titles and Explanation Debit Credit Oct. 1 Cash 65,600Explanation / Answer
Answer
As I can see that your Journal entries are correct, U need help with T accounts.
Cash A/c
Date
Particulars
$
Date
Particulars
$
1-Oct
To Common Stock
65,600
4-Oct
By Rent Expense
1,860
27-Oct
To Acconts Receivable
3,220
7-Oct
By Equipment
5,100
8-Oct
By Advertisement Expense
630
21-Oct
By Accounts Payable
14,850
24-Oct
By Utilities Expense
145
31-Oct
By Salaries and wages
5,590
Balance C/f
40,645
Total
68,820
Total
68,820
Balance b/f
40,645
Accounts Receivable A/c
Date
Particulars
$
Date
Particulars
$
12-Oct
To Service Revenue
3,220
27-Oct
By Cash
3,220
Total
3,220
Total
3,220
Supplies A/c
Date
Particulars
$
Date
Particulars
$
16-Oct
To Accounts Payable
475
Balance C/f
475
Total
475
Total
475
Balance b/f
475
Equipment A/c
Date
Particulars
$
Date
Particulars
$
7-Oct
To Cash
5,100
7-Oct
To Accounts Payable
14,850
Balance C/f
19,950
Total
19,950
Total
19,950
Balance b/f
19,950
Accounts Payable A/c
Date
Particulars
$
Date
Particulars
$
21-Oct
To Cash
14,850
7-Oct
By Equipment
14,850
10-Oct
By Maintenance and repairs
360
16-Oct
By Supplies
475
Balance C/f
835
Total
15,685
Total
15,685
Balance b/f
835
Common Stock A/c
Date
Particulars
$
Date
Particulars
$
1-Oct
By Cash
65,600
Balance C/f
65,600
Total
65,600
Total
65,600
Balance b/f
65,600
Service Revenue A/c
Date
Particulars
$
Date
Particulars
$
12-Oct
By Accounts Receivable
3,220
Balance C/f
3,220
Total
3,220
Total
3,220
Balance b/f
3,220
Advertisement Expense A/c
Date
Particulars
$
Date
Particulars
$
8-Oct
To Cash
630
Balance C/f
630
Total
630
Total
630
Balance b/f
630
Salaries and Wages A/c
Date
Particulars
$
Date
Particulars
$
31-Oct
To Cash
5,590
Balance C/f
5,590
Total
5,590
Total
5,590
Balance b/f
5,590
Maintenance and Repairs A/c
Date
Particulars
$
Date
Particulars
$
10-Oct
To Accounts Payable
360
Balance C/f
360
Total
360
Total
360
Balance b/f
360
Rent Expense A/c
Date
Particulars
$
Date
Particulars
$
4-Oct
To Cash
1,860
Balance C/f
1,860
Total
1,860
Total
1,860
Balance b/f
1,860
Utilities Expense Expense A/c
Date
Particulars
$
Date
Particulars
$
24-Oct
To Cash
145
Balance C/f
145
Total
145
Total
145
Balance b/f
145
Cash A/c
Date
Particulars
$
Date
Particulars
$
1-Oct
To Common Stock
65,600
4-Oct
By Rent Expense
1,860
27-Oct
To Acconts Receivable
3,220
7-Oct
By Equipment
5,100
8-Oct
By Advertisement Expense
630
21-Oct
By Accounts Payable
14,850
24-Oct
By Utilities Expense
145
31-Oct
By Salaries and wages
5,590
Balance C/f
40,645
Total
68,820
Total
68,820
Balance b/f
40,645
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