Innovative Consulting Co. has the following accounts in its ledger: Cash; Accounts Receivable; Supplies; Office Equipment; Accounts Payable; Common Stock; Retained Earnings; Dividends; Fees Earned; Rent Expense; Advertising Expense; Utilities Expense; Miscellaneous Expense. Transactions Oct. 1 4 5 6 12 20 27 30 31 31 31 Paid rent for the month, $2,800. Paid advertising expense, $500. Paid cash for supplies, $1,300. Purchased office equipment on account, $9,500. Received cash from customers on account, $15,500. Paid creditor on account, $3,040. Paid cash for miscellaneous expenses, $570. Paid telephone bill for the month, $375. Fees earned and billed to customers for the month, $50,540. Paid electricity bill for the month, $840. Paid dividends, $1,900. Journalize the preceding selected transactions for October 20Y2 in a two-column journal. Refer to the Chart of Accounts for exact wording account titles.

Innovative Consulting Co. has the following accounts in its ledger: Cash; Accounts Receivable; Supplies; Office Equipment; Accounts Payable; Common Stock; Retained Earnings; Dividends; Fees Earned; Rent Expense; Advertising Expense; Utilities Expense; Miscellaneous Expense. Transactions Oct. 1 4 5 6 12 20 27 30 31 31 31 Paid rent for the month, $2,800. Paid advertising expense, $500. Paid cash for supplies, $1,300. Purchased office equipment on account, $9,500. Received cash from customers on account, $15,500. Paid creditor on account, $3,040. Paid cash for miscellaneous expenses, $570. Paid telephone bill for the month, $375. Fees earned and billed to customers for the month, $50,540. Paid electricity bill for the month, $840. Paid dividends, $1,900. Journalize the preceding selected transactions for October 20Y2 in a two-column journal. Refer to the Chart of Accounts for exact wording account titles.

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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