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Task 4: Journal entries In October, Carlene Souza opened a financial planning centre in downtown Brampton. Help her out by journalizing the following transactions for October 2017: Oct. 2 Oct. 6 Oct. 9 Oct. 13 Carlene invested $4100 worth of computer equipment, as well as $10 500 cash in the new business. Purchased computer supplies on account from Free Enterprise, $355 Purchased office equipment on account from BZ Stationery, $1895 Carlene paid her home telephone bill from the company bank account, $55. Received $875 cash for financial planning services performed Cleaning bill was received but not yet paid, $95 Oct. 20 Oct. 21 Advertising bill was received but not yet paid, $450 Oct. 23 Oct. 27 Oct. 28 Paid salaries expense, $2100 Oct. 29 Oct. 30 Performed financial planning services for Harriet Corp., $2725; however, payment will not be received until April Paid BZ Stationery half the amount owed from Oct. 9 transaction, $947.50 Received bill for repairs on equipment, $250 - to be paid in November The chart of accounts for the company includes the PR code # after each account's title: Cash 111 Accounts receivable 112 Computer supplies 116 Office equipment 120 Computer equipment 121 Accounts payable 211 Carlene Souza, capital 311 Carlene Souza, withdrawals 312 Planning fees earned 411 Advertising expense 511 Salaries expense 512 Repairs expense 513 Cleaning expense 514

Task 4: Journal entries In October, Carlene Souza opened a financial planning centre in downtown Brampton. Help her out by journalizing the following transactions for October 2017: Oct. 2 Oct. 6 Oct. 9 Oct. 13 Carlene invested $4100 worth of computer equipment, as well as $10 500 cash in the new business. Purchased computer supplies on account from Free Enterprise, $355 Purchased office equipment on account from BZ Stationery, $1895 Carlene paid her home telephone bill from the company bank account, $55. Received $875 cash for financial planning services performed Cleaning bill was received but not yet paid, $95 Oct. 20 Oct. 21 Advertising bill was received but not yet paid, $450 Oct. 23 Oct. 27 Oct. 28 Paid salaries expense, $2100 Oct. 29 Oct. 30 Performed financial planning services for Harriet Corp., $2725; however, payment will not be received until April Paid BZ Stationery half the amount owed from Oct. 9 transaction, $947.50 Received bill for repairs on equipment, $250 - to be paid in November The chart of accounts for the company includes the PR code # after each account's title: Cash 111 Accounts receivable 112 Computer supplies 116 Office equipment 120 Computer equipment 121 Accounts payable 211 Carlene Souza, capital 311 Carlene Souza, withdrawals 312 Planning fees earned 411 Advertising expense 511 Salaries expense 512 Repairs expense 513 Cleaning expense 514

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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complete the journal entry

Task 4: Journal entries In October, Carlene Souza opened a financial planning centre in downtown Brampton. Help her out by journalizing the following transactions for October 2017: Oct. 2 Oct. 6 Oct. 9 Oct. 13 Carlene invested $4100 worth of computer equipment, as well as $10 500 cash in the new business. Purchased computer supplies on account from Free Enterprise, $355 Purchased office equipment on account from BZ Stationery, $1895 Carlene paid her home telephone bill from the company bank account, $55. Received $875 cash for financial planning services performed Cleaning bill was received but not yet paid, $95 Oct. 20 Oct. 21 Advertising bill was received but not yet paid, $450 Oct. 23 Oct. 27 Oct. 28 Paid salaries expense, $2100 Oct. 29 Oct. 30 Performed financial planning services for Harriet Corp., $2725; however, payment will not be received until April Paid BZ Stationery half the amount owed from Oct. 9 transaction, $947.50 Received bill for repairs on equipment, $250 - to be paid in November The chart of accounts for the company includes the PR code # after each account's title: Cash 111 Accounts receivable 112 Computer supplies 116 Office equipment 120 Computer equipment 121 Accounts payable 211 Carlene Souza, capital 311 Carlene Souza, withdrawals 312 Planning fees earned 411 Advertising expense 511 Salaries expense 512 Repairs expense 513 Cleaning expense 514
Transcribed Image Text:Task 4: Journal entries In October, Carlene Souza opened a financial planning centre in downtown Brampton. Help her out by journalizing the following transactions for October 2017: Oct. 2 Oct. 6 Oct. 9 Oct. 13 Carlene invested $4100 worth of computer equipment, as well as $10 500 cash in the new business. Purchased computer supplies on account from Free Enterprise, $355 Purchased office equipment on account from BZ Stationery, $1895 Carlene paid her home telephone bill from the company bank account, $55. Received $875 cash for financial planning services performed Cleaning bill was received but not yet paid, $95 Oct. 20 Oct. 21 Advertising bill was received but not yet paid, $450 Oct. 23 Oct. 27 Oct. 28 Paid salaries expense, $2100 Oct. 29 Oct. 30 Performed financial planning services for Harriet Corp., $2725; however, payment will not be received until April Paid BZ Stationery half the amount owed from Oct. 9 transaction, $947.50 Received bill for repairs on equipment, $250 - to be paid in November The chart of accounts for the company includes the PR code # after each account's title: Cash 111 Accounts receivable 112 Computer supplies 116 Office equipment 120 Computer equipment 121 Accounts payable 211 Carlene Souza, capital 311 Carlene Souza, withdrawals 312 Planning fees earned 411 Advertising expense 511 Salaries expense 512 Repairs expense 513 Cleaning expense 514
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