PLEASE HELP ASAP! **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.

Answered: **Journalize the following selected…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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PLEASE HELP ASAP!

**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 |

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- 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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