Obj. 2 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.Journalize the following selected transactions for October 20Y2 in a two-column journal. Journal entry explanations may be omitted.Oct.1.Paid rent for the month, $2,500. 4.Paid advertising expense, $1,000. 5.Paid cash for supplies, $1,800. 6.Purchased office equipment on account, $11,500. 12.Received cash from customers on account, $7,500. 20.Paid creditor on account, $2,700. 27.Paid cash for miscellaneous expenses, $700. 30.Paid telephone bill for the month, $475. 31.Fees earned and billed to customers for the month, $42,400. 31.Paid electricity bill for the month, $900. 31.Paid dividends, $1,500.

Journal - It is the book of primary entry in which transactions are recorded as they occur. It shows…

Answered: Obj. 2 Innovative Consulting Co. has…

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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Obj. 2 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.

Journalize the following selected transactions for October 20Y2 in a two-column journal. Journal entry explanations may be omitted.

Oct.	1.	Paid rent for the month, $2,500.
	4.	Paid advertising expense, $1,000.
	5.	Paid cash for supplies, $1,800.
	6.	Purchased office equipment on account, $11,500.
	12.	Received cash from customers on account, $7,500.
	20.	Paid creditor on account, $2,700.
	27.	Paid cash for miscellaneous expenses, $700.
	30.	Paid telephone bill for the month, $475.
	31.	Fees earned and billed to customers for the month, $42,400.
	31.	Paid electricity bill for the month, $900.
	31.	Paid dividends, $1,500.