Question

ournal Entries and Trial Balance en October 1, 2016, Jay Pryor established an interior decorating business, Pioneer Designs. During the month, Jay completed the following transactions related to the business Sct. 1. Jay transferred cash from a personal bank account to an account to be used for the business, $30.400. 4. Paid rent for period of October 4 to end of month, $2,950. 10. Purchased a used truck for $25,000, paying $2,000 cash and giving a note payable for the remainder 13. Purchased equipment on account, $11,860. 14. Purchased supplies for cash, $2,040. 15. Paid annual premiums on property and casualty insurance, $4,560, 15. Received cash for job completed, $12,770 Enter the following transactions on Page 2 of the two-column journal 21 Paid creditor a portion of the amount owed for equipment purchased on October 13, 54,230, Recorded jobs completed on account and sent invoices to customers, 514,530. 26 Received an invoice for truck expenses, to be paid in November, $1,340. 27 Paid utilities expense, 51,520. 27 Paid miscellaneous expenses, $550. 29 Received cash from customers on account, 56,080 30 Paid wages of employees, $4,040 Withdrew cash for personal use, $3,370. 31

Answer 1

Date	Account Titles	Debit	Credit
1-Oct	Cash	$          30,400
	Jay, Capital		$       30,400
4-Oct	Rent Expense	$            2,950
	Cash		$         2,950
10-Oct	Truck / Vehicle	$          25,000
	Cash		$         2,000
	Note Payable		$       23,000
13-Oct	Equipment	$          11,860
	Accounts Payable		$       11,860
14-Oct	Supplies	$            2,040
	Cash		$         2,040
15-Oct	Prepaid Insurance	$            4,560
	Cash		$         4,560
15-Oct	Cash	$          12,770
	Service Revenue		$       12,770
	Second Page
21-Oct	Accounts Payable	$            4,230
	Cash		$         4,230
24-Oct	Accounts Receivable	$          14,530
	Service Revenue		$       14,530
26-Oct	Truck Expense	$            1,340
	Accounts Payable		$         1,340
27-Oct	Utilities Expense	$            1,520
	Cash		$         1,520
27-Oct	Miscellaneous Expense	$                550
	Cash		$             550
29-Oct	Cash	$            6,080
	Accounts Receivable		$         6,080
30-Oct	Wages Expense	$            4,040
	Cash		$         4,040
31-Oct	Jay, Drawings	$            3,370
	Cash		$         3,370

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