Journal entries record all transactions for a business. Transactions made on October 31, 2016 are recorder in the journal.
<h3>What is journal entry?</h3>
A journal entry is used to record a business transaction in the accounting records of a business.
The following journal entries are as follows-
A). Accounts Receivable Dr. $9,670
To Fees Earned Cr. $9,670
(Accrued fees earned)
B). Supplies Expenses Dr. $2270
To supplies Cr. $2270
(Supplies used $3,180- $910)
C). Wages expenses Dr. $1,220
To wages payable Cr. $1,220
(Accrued wages)
D). Unearned rent Dr. $3,160
To Rent revenue Cr. $3,160
(Rent earned 9,480/3 months)
E). Depreciation expenses Dr. $1,610
Accumulated Depreciation - Equipment $1,610
(Depreciation expenses)
Above mentioned are the journal entries to be made for Dependable Realty.
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