Innovative Consulting Co. has the following accounts in its ledger: Cash; Accounts Receivable; Supplies; Office Equipment; Accounts Payable; Commor Stock; Retained Earnings; Dividends; Fees Earned; Rent Expense; Advertising Expense; Utilities Expense; Miscellaneous Expense. Transactions Oct. 1 Paid rent for the month, $2,800. Paid advertising expense, $500. 5 Paid cash for supplies, $1,300. Purchased office equipment on account, $9,500. 12 Received cash from customers on account, $15,500. 20 Paid creditor on account, $3,040. 27 Paid cash for miscellaneous expenses, $570. 30 Paid telephone bill for the month, $375. 31 Fees earned and billed to customers for the month, $50,540. 31 Paid electricity bill for the month, $840. 31 Paid dividends, $1,900.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Journal
Journalize the transactions for October 20Y2 in a two-column journal. Refer to the Chart of Accounts for exact wording of account titles.
JOURNAL
ACCOUNTING EC
DATE
DESCRIPTION
POST. REF.
DEBIT
CREDIT
ASSETS
LIABILITIES
1
2
4
5
6
Transcribed Image Text:Journal Journalize the transactions for October 20Y2 in a two-column journal. Refer to the Chart of Accounts for exact wording of account titles. JOURNAL ACCOUNTING EC DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES 1 2 4 5 6
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
Paid rent for the month, $2,800.
Paid advertising expense, $500.
Paid cash for supplies, $1,300.
6 Purchased office equipment on account, $9,500.
12
Received cash from customers on account, $15,500.
20
Paid creditor on account, $3,040.
27
Paid cash for miscellaneous expenses, $570.
30
Paid telephone bill for the month, $375.
31
Fees earned and billed to customers for the month, $50,540.
31
Paid electricity bill for the month, $840.
31
Paid dividends, $1,900.
4.
Transcribed Image Text: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 Paid rent for the month, $2,800. Paid advertising expense, $500. Paid cash for supplies, $1,300. 6 Purchased office equipment on account, $9,500. 12 Received cash from customers on account, $15,500. 20 Paid creditor on account, $3,040. 27 Paid cash for miscellaneous expenses, $570. 30 Paid telephone bill for the month, $375. 31 Fees earned and billed to customers for the month, $50,540. 31 Paid electricity bill for the month, $840. 31 Paid dividends, $1,900. 4.
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