Business, 24.09.2020 22:01 kayleigh88

Consulting Co. has the following accounts in its ledger: Cash; Accounts Receivable: Supplies; Office Equipment; Accounts Capital; Jason Payne, Drawing: Fees Earned; Rent Expense; Advertising Expense; Utilities Expense; Miscellaneous Expense. Oct. 1. Paid rent for the month, $5,200.
3. Paid advertising expense, $3,320.
5. Paid cash for supplies, $1,420.
6. Purchased office equipment on account, $21,800.
12. Received cash from customers on account, $7,110.
20. Paid creditor on account, $2,090.
27. Paid cash for miscellaneous expenses, $900.
30. Paid telephone bill for the month, $330.
31. Fees earned and billed to customers for the month, $47,400.
31. Paid electricity bill for the month, $570.
31. Paid dividends, $3,600.
Required:
Jounaize the preceding selected transactions for March 2018 in a two-column journal.

Answers: 2

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Answer from: wyattgrubb00

Oct.1

Dr Rent Expense 5200

Cr Cash 5200

Oct.3

Dr Advertising Expense 3320

Cr Cash 3320

Oct.5

Dr Supplies 1420

Cr Cash 1,420

Oct.6

Dr OfficeEquipment 21800

Cr AccountsPayable 21800

Oct.12

Dr Cash 7110

Cr Accounts Receivable 7110

Oct.20

Dr Accounts Payable $2,090

Cr Cash $2,090

Oct.27

Dr Miscellaneous Expense 900

Cr Cash 900

Oct.30

Dr UtilitiesExpense 330

Cr Cash 330

Oct. 31

Dr Fees earned Accounts Receivable $47,400

Cr Fees Earned $47,400

Oct. 31

Dr Paid bill Utilities Expense 570

Cr Cash 570

Oct. 31

Dr WithdrawalJason Payne,Drawing 3,600

Cr Cash 3600

Explanation:

Preparation of Journal entries

Based on the information given we were told that they Paid rent for the month in the amount of $5,200 which means that the Journal entry will be :

Oct.1

Dr Rent Expense 5200

Cr Cash 5200

Based on the information given we were been told that they the Paid advertising expense is the amount of $3,320 which means that the Journal entry will be:

Oct.3

Dr Advertising Expense 3320

Cr Cash 3320

Based on the information given we were been told that the Paid cash for supplies is the amount of $1,420 which means that the Journal entry will be :

Oct.5

Dr Supplies 1420

Cr Cash 1,420

Based on the information given we were been told that the Purchased office equipment on account is the amount of $21,800 which means that the Journal entry will be :

Oct.6

Dr OfficeEquipment 21800

Cr AccountsPayable 21800

Based on the information given we were been told that the Received cash from customers on account is the amount of $7,110 which means that the Journal entry will be:

Oct.12

Dr Cash 7110

Cr Accounts Receivable 7110

Based on the information given we were been told that theg Paid creditor on account at the amount of $2,090 which means that the Journal entry will be :

Oct.20

Dr Accounts Payable $2,090

Cr Cash $2,090

Based on the information given we were been told that they Paid cash for miscellaneous expenses at the amount of $900 which means that the Journal entry will be :

Oct.27

Dr Miscellaneous Expense 900

Cr Cash 900

Based on the information given we were been told that they Paid telephone bill for the month at the amount of $330 which means that the Journal entry will be :

Oct.30

Dr UtilitiesExpense 330

Cr Cash 330

Oct. 31

Dr Fees earned Accounts Receivable $47,400

Cr Fees Earned $47,400

Oct. 31

Dr Paid bill Utilities Expense 570

Cr Cash 570

Oct. 31

Dr WithdrawalJason Payne,Drawing 3,600

Cr Cash 3600

Answer from: Quest

our agriculture industry and our business industry

Answer from: Quest

The answer should be b.

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Consulting Co. has the following accounts in its ledger: Cash; Accounts Receivable: Supplies; Office...

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