**Journalize the following selected transactions for October. Skip a line between journal entries.** - **Oct. 3** Received $15,000 from Sasha Kat, owner. - **Oct. 13** Purchased $8,500 of supplies on account. - **Oct. 16** Customer paid $9,500 for work to be completed in November. - **Oct. 18** Received $10,000 in cash for fees earned. - **Oct. 21** Paid $400 to creditors on account. - **Oct. 29** Received $1,150 from customers on account. - **Oct. 31** Recorded owner’s withdrawal of $1,550. **Chart of Accounts** | Account Number | Account Name | |----------------|----------------------| | 11 | Cash | | 12 | Accounts receivable | | 14 | Supplies | | 18 | Equipment | | 21 | Accounts payable | | 22 | Unearned fees | | 23 | Notes payable | | 31 | Sasha Kat, Capital | | 32 | Sasha Kat, Drawing | | 41 | Fees earned | | 51 | Wages expense | | 52 | Rent expense | **Instructions:** - Click "Save and Submit" to save and submit. - Click "Save All Answers" to save all answers.
**Journalize the following selected transactions for October. Skip a line between journal entries.** - **Oct. 3** Received $15,000 from Sasha Kat, owner. - **Oct. 13** Purchased $8,500 of supplies on account. - **Oct. 16** Customer paid $9,500 for work to be completed in November. - **Oct. 18** Received $10,000 in cash for fees earned. - **Oct. 21** Paid $400 to creditors on account. - **Oct. 29** Received $1,150 from customers on account. - **Oct. 31** Recorded owner’s withdrawal of $1,550. **Chart of Accounts** | Account Number | Account Name | |----------------|----------------------| | 11 | Cash | | 12 | Accounts receivable | | 14 | Supplies | | 18 | Equipment | | 21 | Accounts payable | | 22 | Unearned fees | | 23 | Notes payable | | 31 | Sasha Kat, Capital | | 32 | Sasha Kat, Drawing | | 41 | Fees earned | | 51 | Wages expense | | 52 | Rent expense | **Instructions:** - Click "Save and Submit" to save and submit. - Click "Save All Answers" to save all answers.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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
Transcribed Image Text:**Journalize the following selected transactions for October. Skip a line between journal entries.**
- **Oct. 3** Received $15,000 from Sasha Kat, owner.
- **Oct. 13** Purchased $8,500 of supplies on account.
- **Oct. 16** Customer paid $9,500 for work to be completed in November.
- **Oct. 18** Received $10,000 in cash for fees earned.
- **Oct. 21** Paid $400 to creditors on account.
- **Oct. 29** Received $1,150 from customers on account.
- **Oct. 31** Recorded owner’s withdrawal of $1,550.
**Chart of Accounts**
| Account Number | Account Name |
|----------------|----------------------|
| 11 | Cash |
| 12 | Accounts receivable |
| 14 | Supplies |
| 18 | Equipment |
| 21 | Accounts payable |
| 22 | Unearned fees |
| 23 | Notes payable |
| 31 | Sasha Kat, Capital |
| 32 | Sasha Kat, Drawing |
| 41 | Fees earned |
| 51 | Wages expense |
| 52 | Rent expense |
**Instructions:**
- Click "Save and Submit" to save and submit.
- Click "Save All Answers" to save all answers.
Expert Solution

Step 1
Journal Entry: Journal entry is the act of keeping records of transactions. Transactions are listed in an accounting journal that shows a company's debit and credit balances.
Adjusting journal entry: To record any unrecognized income or expenses for the period company made an adjusting entry at the end of accounting period.
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