Journal Entries and Trial BalanceOn October 1, 20Y6, Jay Pryor established an interior decorating business, Pioneer Designs. During the month, Jay completed the following transactions related to the business:Oct.1.Jay transferred cash from a personal bank account to an account to be used for the business, $14,300. 4.Paid rent for period of October 4 to end of month, $1,390. 10.Purchased a used truck for $12,000, paying $1,000 cash and giving a note payable for the remainder. 13.Purchased equipment on account, $5,580. 14.Purchased supplies for cash, $960. 15.Paid annual premiums on property and casualty insurance, $2,150. 15.Received cash for job completed, $6,010.Enter the following transactions on Page 2 of the two-column journal: 21.Paid creditor a portion of the amount owed for equipment purchased on October 13, $1,990. 24.Recorded jobs completed on account and sent invoices to customers, $6,840. 26.Received an invoice for truck expenses, to be paid in November, $630. 27.Paid utilities expense, $720. 27.Paid miscellaneous expenses, $260. 29.Received cash from customers on account, $2,860. 30.Paid wages of employees, $1,900. 31.Withdrew cash for personal use, $1,590.Required:1. Journalize each transaction in a two-column journal beginning on Page 1, referring to the following chart of accounts in selecting the accounts to be debited and credited. (Do not insert the account numbers in the journal at this time.) Journal entry explanations may be omitted. If an amount box does not require an entry, leave it blank.11 Cash31 Jay Pryor, Capital12 Accounts Receivable32 Jay Pryor, Drawing13 Supplies41 Fees Earned14 Prepaid Insurance51 Wages Expense16 Equipment53 Rent Expense18 Truck54 Utilities Expense21 Notes Payable55 Truck Expense22 Accounts Payable59 Miscellaneous Expense General JournalPage 1DateDescriptionPost. Ref.DebitCredit20Y6 Oct. 1 fill in the blank d6db9c066fcdfb1_2fill in the blank d6db9c066fcdfb1_3fill in the blank d6db9c066fcdfb1_4 fill in the blank d6db9c066fcdfb1_6fill in the blank d6db9c066fcdfb1_7fill in the blank d6db9c066fcdfb1_8 Oct. 4 fill in the blank d6db9c066fcdfb1_10fill in the blank d6db9c066fcdfb1_11fill in the blank d6db9c066fcdfb1_12 fill in the blank d6db9c066fcdfb1_14fill in the blank d6db9c066fcdfb1_15fill in the blank d6db9c066fcdfb1_16 Oct. 10 fill in the blank d6db9c066fcdfb1_18fill in the blank d6db9c066fcdfb1_19fill in the blank d6db9c066fcdfb1_20 fill in the blank d6db9c066fcdfb1_22fill in the blank d6db9c066fcdfb1_23fill in the blank d6db9c066fcdfb1_24 fill in the blank d6db9c066fcdfb1_26fill in the blank d6db9c066fcdfb1_27fill in the blank d6db9c066fcdfb1_28 Oct. 13 fill in the blank d6db9c066fcdfb1_30fill in the blank d6db9c066fcdfb1_31fill in the blank d6db9c066fcdfb1_32 fill in the blank d6db9c066fcdfb1_34fill in the blank d6db9c066fcdfb1_35fill in the blank d6db9c066fcdfb1_36 Oct. 14 fill in the blank d6db9c066fcdfb1_38fill in the blank d6db9c066fcdfb1_39fill in the blank d6db9c066fcdfb1_40 fill in the blank d6db9c066fcdfb1_42fill in the blank d6db9c066fcdfb1_43fill in the blank d6db9c066fcdfb1_44 Oct. 15 fill in the blank d6db9c066fcdfb1_46fill in the blank d6db9c066fcdfb1_47fill in the blank d6db9c066fcdfb1_48 fill in the blank d6db9c066fcdfb1_50fill in the blank d6db9c066fcdfb1_51fill in the blank d6db9c066fcdfb1_52 Oct. 15 fill in the blank d6db9c066fcdfb1_54fill in the blank d6db9c066fcdfb1_55fill in the blank d6db9c066fcdfb1_56 fill in the blank d6db9c066fcdfb1_58fill in the blank d6db9c066fcdfb1_59fill in the blank d6db9c066fcdfb1_60General JournalPage 2DateDescriptionPost. Ref.DebitCredit20Y6 Oct. 21 fill in the blank fill in the blank fill in the blank d6db9c066fcdfb1_64 fill in the blank fill in the blank fill in the blank d6db9c066fcdfb1_68 Oct. 24 fill in the blank fill in the blank fill in the blank fill in the blank fill in the blank fill in the blank Oct. 26 fill in the blank fill in the blank fill in the blank fill in the blank fill in the blank fill in the blank d6db9c066fcdfb1_84 Oct. 27 fill in the blank dfill in the blank d6db9c066fcdfb1_87fill in the blank d6db9c066fcdfb1_88 fill in the blank d6db9c066fcdfb1_90fill in the blank d6db9c066fcdfb1_91fill in the blank d6db9c066fcdfb1_92 Oct. 27 fill in the blank d6db9c066fcdfb1_94fill in the blank d6db9c066fcdfb1_95fill in the blank d6db9c066fcdfb1_96 fill in the blank d6fill in the blank d6db9c066fcdfb1_99fill in the blank d6db9c066fcdfb1_100 Oct. 29 fill in the blank fill in the blank d6db9c066fcdfb1_103fill in the blank d6db9c066fcdfb1_104 fill in the blank fill in the blank d6db9c066fcdfb1_107fill in the blank d6db9c066fcdfb1_108 Oct. 30 fill in the blank d6db9c066fcdfb1_110fill in the blank d6db9c066fcdfb1_111fill in the blank d6db9c066fcdfb1_112 fill in the blank fill in the blank fill in the blank d6db9c066fcdfb1_116 Oct. 31 fill in the blank fill in the blank fill in the blank fill in the blank dfill in the blank

Name: Journal Entries and Trial BalanceOn October 1, 20Y6, Jay Pryor establi
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Description: Journal Entries and Trial BalanceOn October 1, 20Y6, Jay Pryor established an interior decorating business, Pioneer Designs. During the month, Jay completed the following transactions related to the business:Oct.1.Jay transferred cash from a personal

For every organization, the accounting process started from journalizing. It means recording of…

1. Jay transferred cash from a personal bank account to an account to be used for the business, $14,300. 4. Paid rent for period of October 4 to end of month, $1,390. 10. Purchased a used truck for $12,000, paying $1,000 cash and giving a note payable for the remainder. 13. Purchased equipment on account, $5,580. 14. Purchased supplies for cash, $960. 15. Paid annual premiums on property and casualty insurance, $2,150. 15. Received cash for job completed, $6,010. Enter the following transactions on Page 2 of the two-column journal: 21. Paid creditor a portion of the amount owed for equipment purchased on October 13, $1,990. 24. Recorded jobs completed on account and sent invoices to customers, $6,840. 26. Received an invoice for truck expenses, to be paid in November, $630. 27. Paid utilities expense, $720. 27. Paid miscellaneous expenses, $260. 29. Received cash from customers on account, $2,860. 30. Paid wages of employees, $1,900. 31. Withdrew cash for personal use, $1,590. Required: 1. Journalize each transaction in a two-column journal beginning on Page 1, referring to the following chart of accounts in selecting the accounts to be debited and credited. (Do not insert the account numbers in the journal at this time.) Journal entry explanations may be omitted. If an amount box does not require an entry, leave it blank.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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Journal Entries and Trial Balance

On October 1, 20Y6, Jay Pryor established an interior decorating business, Pioneer Designs. During the month, Jay completed the following transactions related to the business:

Oct.	1.	Jay transferred cash from a personal bank account to an account to be used for the business, $14,300.
	4.	Paid rent for period of October 4 to end of month, $1,390.
	10.	Purchased a used truck for $12,000, paying $1,000 cash and giving a note payable for the remainder.
	13.	Purchased equipment on account, $5,580.
	14.	Purchased supplies for cash, $960.
	15.	Paid annual premiums on property and casualty insurance, $2,150.
	15.	Received cash for job completed, $6,010.

Enter the following transactions on Page 2 of the two-column journal:

	21.	Paid creditor a portion of the amount owed for equipment purchased on October 13, $1,990.
	24.	Recorded jobs completed on account and sent invoices to customers, $6,840.
	26.	Received an invoice for truck expenses, to be paid in November, $630.
	27.	Paid utilities expense, $720.
	27.	Paid miscellaneous expenses, $260.
	29.	Received cash from customers on account, $2,860.
	30.	Paid wages of employees, $1,900.
	31.	Withdrew cash for personal use, $1,590.

Required:

1. Journalize each transaction in a two-column journal beginning on Page 1, referring to the following chart of accounts in selecting the accounts to be debited and credited. (Do not insert the account numbers in the journal at this time.) Journal entry explanations may be omitted. If an amount box does not require an entry, leave it blank.

11 Cash	31 Jay Pryor, Capital
12 Accounts Receivable	32 Jay Pryor, Drawing
13 Supplies	41 Fees Earned
14 Prepaid Insurance	51 Wages Expense
16 Equipment	53 Rent Expense
18 Truck	54 Utilities Expense
21 Notes Payable	55 Truck Expense
22 Accounts Payable	59 Miscellaneous Expense

General Journal	Page 1
Date	Description	Post. Ref.	Debit	Credit
20Y6
Oct. 1		fill in the blank d6db9c066fcdfb1_2	fill in the blank d6db9c066fcdfb1_3	fill in the blank d6db9c066fcdfb1_4
		fill in the blank d6db9c066fcdfb1_6	fill in the blank d6db9c066fcdfb1_7	fill in the blank d6db9c066fcdfb1_8

Oct. 4		fill in the blank d6db9c066fcdfb1_10	fill in the blank d6db9c066fcdfb1_11	fill in the blank d6db9c066fcdfb1_12
		fill in the blank d6db9c066fcdfb1_14	fill in the blank d6db9c066fcdfb1_15	fill in the blank d6db9c066fcdfb1_16

Oct. 10		fill in the blank d6db9c066fcdfb1_18	fill in the blank d6db9c066fcdfb1_19	fill in the blank d6db9c066fcdfb1_20
		fill in the blank d6db9c066fcdfb1_22	fill in the blank d6db9c066fcdfb1_23	fill in the blank d6db9c066fcdfb1_24
		fill in the blank d6db9c066fcdfb1_26	fill in the blank d6db9c066fcdfb1_27	fill in the blank d6db9c066fcdfb1_28

Oct. 13		fill in the blank d6db9c066fcdfb1_30	fill in the blank d6db9c066fcdfb1_31	fill in the blank d6db9c066fcdfb1_32
		fill in the blank d6db9c066fcdfb1_34	fill in the blank d6db9c066fcdfb1_35	fill in the blank d6db9c066fcdfb1_36

Oct. 14		fill in the blank d6db9c066fcdfb1_38	fill in the blank d6db9c066fcdfb1_39	fill in the blank d6db9c066fcdfb1_40
		fill in the blank d6db9c066fcdfb1_42	fill in the blank d6db9c066fcdfb1_43	fill in the blank d6db9c066fcdfb1_44

Oct. 15		fill in the blank d6db9c066fcdfb1_46	fill in the blank d6db9c066fcdfb1_47	fill in the blank d6db9c066fcdfb1_48
		fill in the blank d6db9c066fcdfb1_50	fill in the blank d6db9c066fcdfb1_51	fill in the blank d6db9c066fcdfb1_52

Oct. 15		fill in the blank d6db9c066fcdfb1_54	fill in the blank d6db9c066fcdfb1_55	fill in the blank d6db9c066fcdfb1_56
		fill in the blank d6db9c066fcdfb1_58	fill in the blank d6db9c066fcdfb1_59	fill in the blank d6db9c066fcdfb1_60

General Journal	Page 2
Date	Description	Post. Ref.	Debit	Credit
20Y6
Oct. 21		fill in the blank	fill in the blank	fill in the blank d6db9c066fcdfb1_64
		fill in the blank	fill in the blank	fill in the blank d6db9c066fcdfb1_68

Oct. 24		fill in the blank	fill in the blank	fill in the blank
		fill in the blank	fill in the blank	fill in the blank

Oct. 26		fill in the blank	fill in the blank	fill in the blank
		fill in the blank	fill in the blank	fill in the blank d6db9c066fcdfb1_84

Oct. 27		fill in the blank d	fill in the blank d6db9c066fcdfb1_87	fill in the blank d6db9c066fcdfb1_88
		fill in the blank d6db9c066fcdfb1_90	fill in the blank d6db9c066fcdfb1_91	fill in the blank d6db9c066fcdfb1_92

Oct. 27		fill in the blank d6db9c066fcdfb1_94	fill in the blank d6db9c066fcdfb1_95	fill in the blank d6db9c066fcdfb1_96
		fill in the blank d6	fill in the blank d6db9c066fcdfb1_99	fill in the blank d6db9c066fcdfb1_100

Oct. 29		fill in the blank	fill in the blank d6db9c066fcdfb1_103	fill in the blank d6db9c066fcdfb1_104
		fill in the blank	fill in the blank d6db9c066fcdfb1_107	fill in the blank d6db9c066fcdfb1_108

Oct. 30		fill in the blank d6db9c066fcdfb1_110	fill in the blank d6db9c066fcdfb1_111	fill in the blank d6db9c066fcdfb1_112
		fill in the blank	fill in the blank	fill in the blank d6db9c066fcdfb1_116

Oct. 31		fill in the blank	fill in the blank	fill in the blank
		fill in the blank d	fill in the blank

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