Concrete Consulting Co. has the following accounts in its ledger: Cash; Accounts

Question

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 journal. Refer to the Chart of Accounts for exact wording of account titles.

Transactions Oct. 1 Paid rent for the month, $2,800. 3 Paid advertising expense, $525. 5 Paid cash for supplies, $1,250. 6 Purchased office equipment on account, $9,300. 10 Received cash from customers on account, $16,600. 15 Paid creditors on account, $3,720. 27 Paid cash for miscellaneous expenses, $590. 30 Paid telephone bill (utility expense) for the month, $275. 31 Fees earned and billed to customers for the month, $50,160. 31 Paid electricity bill (utility expense) for the month, $830. 31 Withdrew cash for personal use, $1,700.

Explanation / Answer

Journal entries for october 2019

Rent expense

cash

Office equipment Dr.

(To record purchase of office equipment on account)

(To record cash received from customers on account)

Accounts payable

(To record payment made to creditors)

Miscellanous expenses

(To record repair expense of office equipment)

Telephone expense Dr.

cash

(To record payment made for telephone bill)

Accounts receivables

service fees

(To record fees earned )

Utility expense Dr.

(To record payment made for electricity bill)

(To record payment of dividend)

Date Accounts Debit credit oct 1

Rent expense

$2800

cash

$2800 (to record entry for payment of rent for month) oct 3 Advertising expenses $525 Cash $525 (to record entry for Advertising expenses) oct 5 Supplies $1250 cash $1250 (to record entry for purchase of supplies) oct 6

Office equipment Dr.

$9300 Accounts Payable $9300

(To record purchase of office equipment on account)

oct 10 Cash $16600 Accounts Receivable $16600

(To record cash received from customers on account)

oct 15

Accounts payable

$3720 Cash $3720

(To record payment made to creditors)

Related Questions

Navigate

• Browse (All)
• Browse C
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.