Question

Journalise the followung transactions.

Oct. 1. Paid rent for the month, $3,600.
3. Paid advertising expense, $1,200.
5. Paid cash for supplies, $750.
6. Purchased office equipment on account, $8,000.
10. Received cash from customers on account, $14,800.
15. Paid creditors on account, $7,110.
27. Paid cash for miscellaneous expenses, $400.
30. Paid telephone bill (utility expense) for the month, $250.
31. Fees earned and billed to customers for the month, $33,100.
31. Paid electricity bill (utility expense) for the month, $1,050.
31. Withdrew cash for personal use, $2,500.

Answer 1

Each given transaction is journalized by creating a debit and a credit entry in accordance with the double-entry accounting system. This ensures that all expenses, revenues, and changes in assets or liabilities are properly recorded in the company's books.

Step-by-step explanation:

To journalize the following transactions, we would create journal entries for each event that has an impact on the financial statements. Here are the journal entries for the given transactions:

• 
  
• Oct. 1: Debit Rent Expense $3,600, Credit Cash $3,600
• 
  
• Oct. 3: Debit Advertising Expense $1,200, Credit Cash $1,200
• 
  
• Oct. 5: Debit Supplies Expense $750, Credit Cash $750
• 
  
• Oct. 6: Debit Office Equipment $8,000, Credit Accounts Payable $8,000
• 
  
• Oct. 10: Debit Cash $14,800, Credit Accounts Receivable $14,800
• 
  
• Oct. 15: Debit Accounts Payable $7,110, Credit Cash $7,110
• 
  
• Oct. 27: Debit Miscellaneous Expense $400, Credit Cash $400
• 
  
• Oct. 30: Debit Utility Expense $250, Credit Cash $250
• 
  
• Oct. 31: Debit Accounts Receivable $33,100, Credit Service Revenue $33,100
• 
  
• Oct. 31: Debit Utility Expense $1,050, Credit Cash $1,050
• 
  
• Oct. 31: Debit Drawing $2,500, Credit Cash $2,500

Notice that for each transaction, we have debited and credited the corresponding accounts while ensuring that the debits and credits balance, as per the double-entry accounting system.

Answer 2

Step-by-step explanation:

S/No Date Transaction Dr($) Cr($)

1 Oct.1 Rent Expense 3,600

Cash 3,600

2. Oct.3 Advert. Expenses 1,200

Cash 1,200

3. Oct.5 Supplies 750

Cash 750

4 Oct.6 Office equipment 8000

Accounts Payable 8,000

5 Oct.10 Cash 1 4,800

Accounts receivable 14,800

6 Oct.15 Accounts payable 7,110

Cash 7,110

7. Oct.27 Miscellaneous 400

Cash 400

8 Oct.30 Utilities Expenses 250

Cash 250

9 Oct 31 Accounts receivable 33,100

Fees earned 33,100

10 Oct.31 Utility Expense 1,050

Cash 1050

11 Oct.31 Drawings 2,500

Cash 2,500