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agel x plportungagenow.com/iln/takeAssignment/takeAssignmentMain.do?invoker-assignments&itakeAssignmentSessionLo -assignment-take&inprogr Chart of n exchange for common stock, $40,000. 2 Paid rent on office and equipment for the month, $4.800 3 Purchased supplies on account, $2.150 5 Eaned sales commissions, receiving cash, $18,750 5800 7 Paid office salaries. $3.500 9 Paid dividends. $1,500. 1. Joumaiz e entriea for transactions Oct 1 through 9 Refer to the Chart of Accounts for exact woraing of socount tities the journai entries to the T accounts selecting the appropriate date to the let of each amount to containing only a singie entry do not need a balance 3. Prepare an sa of October 31. 2018 All work saved. earch

Explanation / Answer

2. Cash:

1 Cash Account    Dr. 40,000        To     Capital Account            40,000 (Being cash received from Mr. Jay Crowley in exchange of equity capital) 2 Rent on Office equipment Account    Dr. 4,800 To Cash Account    4,800 (Being cash paid for rent on office equipment) 3 Purchase Account Dr. 2,150 To Creditor's Account    2,150 (Being goods purchase on account) 4 Creditor's Account Dr. 1,100 To Cash 1,100 (Being cash paid to Creditor for purchase) 5 Sales Commission A/c    Dr. 18,750 To Cash    18,750 (Being cash received for sales commission) 6 Automobile expenses A/c Dr. 1580 Miscellaneous Expenses A/c 800 To Cash 2380 (Being cash paid for Automobiles expenses including monthly rental and also Miscellaneous expenses) 7 Office Salaries A/c Dr. 3,500 To Cash 3,500 ( Being cash paid for salary expenses) 8 Supplies Expense   Dr. 1,300 To Purchase Account 1300 (Being purchased goods used for processing) 9 Retained Earnings Dr. 1,500 To Dividend Payable    1500 (Being Dividend declared ) Dividend Payable Dr. 1,500 To Cash 1500 (Being dividend paid) 75,480 75480

2. Cash:

a Capital 40000 b Rent on office equipment 4800 e Sales Commission 18750 d Creditor's 1100 f Automobiles Expenses 1580 Miscellaneous Expenses 800 g Office Salaries 3500 i Dividend Payable 1500 balance 45470 58750 58750

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