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Business
Accounting
Date Transaction Oct-01 Cash of $10,000 was invested in Umbrella Corporation in exchange for 10,000 common shares. Oct-01 Umbrella borrowed $5,000 from Scotiabank to purchase equipment. Oct-02 Umbrella Corporation paid its office rent for the month of October in $900. Oct-05 Umbrella paid $600 for a one-year insurance policy effective October 1 that expires next year on September 3 Oct-09 Umbrella purchased advertising supplies on account from Aero Supply Corp. for $2,500. Oct-13 Umbrella performed $20,000 of advertising services for Alpha Ltd. Umbrella sent Alpha a bill for these service Oct-19 Umbrella received a $1,200 cash advance from Leon Kennedy, a client, for advertising services. Oct-22 Umbrella made a partial payment of $1,000 to Aero Supply Corp. on October 9. Oct-23 Employees of Umbrella worked for two weeks, earning $4,000 in salaries and were paid on October 23 Oct-26 Oct-30 Umbrella paid a $500 cash dividend. Alpha Ltd. paid Umbrella $5,000 of the amount owing on its account on October 13. Umbrella naid a monthly income tax of $1.800 Oct-30

Date Transaction Oct-01 Cash of $10,000 was invested in Umbrella Corporation in exchange for 10,000 common shares. Oct-01 Umbrella borrowed $5,000 from Scotiabank to purchase equipment. Oct-02 Umbrella Corporation paid its office rent for the month of October in $900. Oct-05 Umbrella paid $600 for a one-year insurance policy effective October 1 that expires next year on September 3 Oct-09 Umbrella purchased advertising supplies on account from Aero Supply Corp. for $2,500. Oct-13 Umbrella performed $20,000 of advertising services for Alpha Ltd. Umbrella sent Alpha a bill for these service Oct-19 Umbrella received a $1,200 cash advance from Leon Kennedy, a client, for advertising services. Oct-22 Umbrella made a partial payment of $1,000 to Aero Supply Corp. on October 9. Oct-23 Employees of Umbrella worked for two weeks, earning $4,000 in salaries and were paid on October 23 Oct-26 Oct-30 Umbrella paid a $500 cash dividend. Alpha Ltd. paid Umbrella $5,000 of the amount owing on its account on October 13. Umbrella naid a monthly income tax of $1.800 Oct-30

FINANCIAL ACCOUNTING
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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CREATE A GENERAL JOURNAL. FOLLOW THE FORMAT.

Date  
Account titles
       Dr Cr
               
Oct-01   Cash          
      Common Shares        
               
Oct-01  
Equipment
          
     
Bank Loan Payable
        
               
Oct-02  
Rent Expense
          
      Cash        
               
Oct-05  
Prepaid Insurance
          
      Cash        
               
Oct-09   Supplies          
     
Accounts Payable
        
               
Oct-13  
Accounts Receivable
          
     
Service Revenue
        
               
Oct-19   Cash          
     
Unearned Revenue
        
               
Oct-22  
Accounts Payable
          
      Cash        
               
Oct-23  
Salaries Expense
          
      Cash        
               
Oct-26  
Dividends
          
      Cash        
               
Oct-30   Cash          
     
Accounts Receivable
        
               
Oct-30  
Income Tax Expense
          
      Cash        
Date Transaction Oct-01 Cash of $10,000 wasinvested in Umbrella Corporation in exchange for 10,000 common shares. Oct-01 Umbrella borrowed $5,000 from Scotiabank to purchase equipment. Oct-02 Umbrella Corporation paidits office rent for the month of October in $900. Oct-05 Umbrella paid $600 for a one-year insurance policy effective October 1 that expires next year on September 30. Oct-09 Umbrella purchased advertising supplies on account from Aero Supply Corp. for $2,500. Oct-13 Umbrella performed $20,000 of advertising services for Alpha Ltd. Umbrella sent Alpha a bill for these services. Oct-19 Umbrella received a $1,200 cash advance from Leon Kennedy, a client, for advertising services. Oct-22 Umbrella made a partial payment of $1,000 to Aero Supply Corp. on October 9. Oct-23 Employees of Umbrella worked for two weeks, earning $4,000 in salaries and were paid on October 23 Oct-26 Umbrella paid a $500 cash dividend. Oct-30 Alpha Ltd. paid Umbrella $5,000 of the amount owing on its account on October 13. Oct-30 Umbrella paid a monthly income tax of $1,800
Transcribed Image Text:Date Transaction Oct-01 Cash of $10,000 wasinvested in Umbrella Corporation in exchange for 10,000 common shares. Oct-01 Umbrella borrowed $5,000 from Scotiabank to purchase equipment. Oct-02 Umbrella Corporation paidits office rent for the month of October in $900. Oct-05 Umbrella paid $600 for a one-year insurance policy effective October 1 that expires next year on September 30. Oct-09 Umbrella purchased advertising supplies on account from Aero Supply Corp. for $2,500. Oct-13 Umbrella performed $20,000 of advertising services for Alpha Ltd. Umbrella sent Alpha a bill for these services. Oct-19 Umbrella received a $1,200 cash advance from Leon Kennedy, a client, for advertising services. Oct-22 Umbrella made a partial payment of $1,000 to Aero Supply Corp. on October 9. Oct-23 Employees of Umbrella worked for two weeks, earning $4,000 in salaries and were paid on October 23 Oct-26 Umbrella paid a $500 cash dividend. Oct-30 Alpha Ltd. paid Umbrella $5,000 of the amount owing on its account on October 13. Oct-30 Umbrella paid a monthly income tax of $1,800
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