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EX 2-7 Transactions OBJ. 2 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. Journalize the following selected transactions for October 2019 in a two-column journal. Journal entry explanations may be omitted. Oct. 1. Paid rent for the month, $3,600. 3. Paid advertising expense, $1,200. 5. Paid cash for supplies, $750. 6. Purchased office equipment on account, $8,000. 10. Received cash from customers on account, $14,800. 15. Paid creditors on account, $7,110. 27. Paid cash for miscellaneous expenses, $400. 30. Paid telephone bill (utility expense) for the month, $250. 31. Fees earned and billed to customers for the month, $33,100. 31. Paid electricity bill (utility expense) for the month, $1,050. 31. Withdrew cash for personal use, $2,500.

Answer 1

Debit (5) Credit:25) $3,600 $3,600 $1,200 I solution Journal Entries : Date Account Titles and Explanation Oct-1, Renz Expense 2019 cash (to record rent paid) ... OGE-3, Advertising Expense. 2019 cash .. to record Advertising paid). I oct-5, .. supplies 2014 Cash Leo record supplies paid) Oct-6, Office Equipment 2019 Accounts payable .:. (to record office equipment purchased on account) $1,200 $ 750 $750 . . $8,000 $8,000

Oct-10, 2019 $14,800 $14,800 cash : Accounts receivable (to record received cash from Eustomer on account) $1110 Oct-15, 2019 C . $7,110 Accounts payable Cash (to record peid creditors on account) $400 Oct-29 2019 : $400 Miscellaneous Expense Cash (to record paid for miscellaneous expense) Oct-30, 2019 $250 $250 Ubilities Expense. Cash (to record payment of relephone bill for the morith)

867-31, - 2014 $33,100 $33,100 Accounts Receivable. Fees Earned to record fees earned and billed to customers) $ 1,050 Oct 31, 2019 $1,050 Utilities Expense Cash (to record payment of electricity Bil per the month? . ... Oct-31, $2,500 2019, $2,500 Jason payne, Drawing in Cash (to record cash withdrawn for personal use)

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