Question

Concrete Consulting Co. has the following accounts in its ledger: Cash; Accounts Receivable; Supplies; Office Equipment; Accounts Payable; Jason Payne, Capital; Jason Payne, Drawing; Fees Earned; Rent Expense; Advertising Expense; Utilities Expense; Miscellaneous Expense.
Transactions
Oct. 1 Paid rent for the month, $2,800.
3 Paid advertising expense, $525.
5 Paid cash for supplies, $1,250.
6 Purchased office equipment on account, $9,300.
10 Received cash from customers on account, $16,600.
15 Paid creditors on account, $3,720.
27 Paid cash for miscellaneous expenses, $590.
30 Paid telephone bill (utility expense) for the month, $275.
31 Fees earned and billed to customers for the month, $50,160.
31 Paid electricity bill (utility expense) for the month, $830.
31 Withdrew cash for personal use, $1,700.
Journalize the following selected transactions for October 2019 in a two-column journal. Refer to the Chart of Accounts for exact wording of account titles.

Answer 1

Answer:

Oct. 1

Rent Expense $2,800 (debit)

Cash $2,800 (credit)

Oct 3.

Advertising Expense $525 (debit)

Cash $525 (credit)

Oct 5.

Supplies $1,250 (debit)

Cash $1,250 (credit)

Oct 6.

Office Equipment $9,300 (debit)

Accounts Payable $9,300 (credit)

Oct 10.

Cash $16,600 (debit)

Accounts Receivable $16,600 (credit)

Oct 15.

Accounts Payable $3,720 (debit)

Cash $3,720 (credit)

Oct 27.

Miscellaneous Expense $590 (debit)

Cash $590 (credit)

Oct 30.

Utilities Expense $275 (debit)

Cash $275 (credit)

Oct 31.

Accounts Receivable $50,160 (debit)

Fees Earned $50,160 (credit)

Oct 31.

Utilities Expense $830 (debit)

Cash $830 (credit)

Oct 31.

Capital; Jason Payne $1,700 (debit)

Cash $1,700 (credit)

Explanation:

Transactions are recorded when they occur or incur according to Matching Principle.

Note ; Cash withdrawals reduce the owners capital account and decreases the assets of cash.