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.

Oct. 1. Paid rent for the month, $5,100.
3. Paid advertising expense, $3,230.
5. Paid cash for supplies, $1,380.
6. Purchased office equipment on account, $21,200.
10. Received cash from customers on account, $6,920.
15. Paid creditors on account, $2,030.
27. Paid cash for miscellaneous expenses, $880.
30. Paid telephone bill (utility expense) for the month, $320.
31. Fees earned and billed to customers for the month, $46,100.
31. Paid electricity bill (utility expense) for the month, $550.
31. Withdrew cash for personal use, $3,500.

Required:
Journalize the selected transactions for October 2019.

Answer 1

Oct.1

Dr Rent Expense $5,100

Cr Cash $5,100

Oct.3

Dr Advertising Expense $3,230

Cr Cash $3,230

Oct.5

Dr Supplies $1,380

Cr Cash $1,380

Oct.6

Dr Office Equipment $21,200

Cr AccountsPayable $21,200

Oct.10

Dr Cash $6,920

Cr Accounts receivable $6,920

Oct.15

Dr Accounts Payable $2,030

Cr Cash $2,030

Oct.27

Dr Miscellaneous Expense $880

Cr Cash $880

Oct.30

Dr Utilities Expense $320

Cr Cash $320

Oct. 31

Dr Accounts Receivable$46,100

Cr Fees Earned $46,100

Oct. 31

Dr Utilities Expense $550

Cr Cash $550

Oct. 31

Dr Drawing $3,500

Cr Cash $3,500

Step-by-step explanation:

Preparation of Journal entries

Oct.1

Dr Rent Expense $5,100

Cr Cash $5,100

Oct.3

Dr Advertising Expense $3,230

Cr Cash $3,230

Oct.5

Dr Supplies $1,380

Cr Cash $1,380

Oct.6

Dr Office Equipment $21,200

Cr AccountsPayable $21,200

Oct.10

Dr Cash $6,920

Cr Accounts receivable $6,920

Oct.15

Dr Accounts Payable $2,030

Cr Cash $2,030

Oct.27

Dr Miscellaneous Expense $880

Cr Cash $880

Oct.30

Dr Utilities Expense $320

Cr Cash $320

Oct. 31

Dr Accounts Receivable$46,100

Cr Fees Earned $46,100

Oct. 31

Dr Utilities Expense $550

Cr Cash $550

Oct. 31

Dr Drawing $3,500

Cr Cash $3,500