Create The October transactions were as follows:Oct. 5 Received $800 cash from customers on account.-10 Billed customers for services performed, $5,500.15 Paid employee salaries, $1,200.17 Performed $400 of services for customers who paid in advance in August.20 Paid $1,600 to creditors on account.22 Received $200 for services provided for cash (i.e., not on account).26 Purchased supplies on account, at a cost of $300.29 Withdrew $500 for personal use.31 Paid utilities, $600.

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Description: Create The October transactions were as follows:Oct. 5 Received $800 cash from customers on account.-10 Billed customers for services performed, $5,500.15 Paid employee salaries, $1,200.17 Performed $400 of services for customers who paid in advance

Answered: The October transactions were as…

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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The October transactions were as follows:
Oct. 5 Received $800 cash from customers on account.
-10 Billed customers for services performed, $5,500.
15 Paid employee salaries, $1,200.
17 Performed $400 of services for customers who paid in advance in August.
20 Paid $1,600 to creditors on account.
22 Received $200 for services provided for cash (i.e., not on account).
26 Purchased supplies on account, at a cost of $300.
29 Withdrew $500 for personal use.
31 Paid utilities, $600.

Expert Solution

Step 1

JOURNAL ENTRY

Journal entry is the Techniques of Recording initial Transaction in a Proper Format. Such transactions include Both Financial & Non Financial Transactions.

Golden Rule of Recording transaction :—

Debit the Receiver Credit the Giver.
Debit what comes in Credit What Goes Out.
Debit all expenses & Loss Credit all Incomes & Gains.

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