Question

Transactions 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. If an amount box does not require an entry, leave it blank.

Answer 1

Answer:

The below details are missing from the question:

1. Paid rent for the month, $2,500.

3. Paid advertising expense, $675.  

5. Paid cash for supplies, $1,250.

6. Purchased office equipment on account, $9,500.

10. Received cash form customers on account, $16,550.

15. Paid creditor on the account, $3,180.

27. Paid cash for repairs to office equipment, $540.  

30. Paid telephones bill for the month, $375.

31. Fees earned and billed to customers for the month, $49,770.

31. Paid electricity bill for the month, $830

31. Paid dividends, $1750.

Since the question  details are already here, I would show the journal entries in the explanation section below:

Explanation:

1

Dr  Rent expense    $2,500

Cr Cash                                 $2,500

2

Dr Advertising expense      $675

Cr Cash                                         $675

3.

Dr Supplies                         $1,250

Cr Cash                                            $1,250

4.

Dr Equipment                   $9,500

Cr Accounts payable                    $9,500

5.

Dr  Cash                            $16,550

Cr Accounts receivable                $16,550

6.

Dr Accounts payable      $3,180

Cr Cash                                         $3,180

7

Dr Miscellaneous expenses      $540

Cr Cash                                                  $540

8

Dr  Utilities           $375

Cr Cash                              $375

9

Dr Accounts receivable        $49,770

Cr  Fees earned                                      $49,770

10

Dr Utilities                                $830

Cr Cash                                                $830

11

Dr Dividends                               $1,750

Cr Cash                                                      $1,750

The rationale for these postings is simply debit the receiving account and credit the giving account.

For instance in the payment of rent, rent expense account received and the cash account gave.