Journalizing and posting transactions.On October 1, 2010, Connie Hernandez opened an adver...

ASSETS

REVENUE

101 Cash

401 Fees Income

111 Accounts Receivable

EXPENSES

121 Supplies

511 Office Cleaning Expense

141 Office Equipment

514 Rent Expense

151 Art Equipment

517 Salaries Expense

LIABILITIES

520 Telephone Expense

202 Accounts Payable

523 Utilities Expense

OWNER’S EQUITY

301 Connie Hernandez, Capital

302 Connie Hernandez, Drawing

DATE

TRANSACTIONS

Oct.  1

Connie Hernandez invested $35,000 cash in the business.

2

Paid October office rent of $1,125; issued Check 1001.

5

Purchased desks and other office furniture for $7,000 from Office Furniture Mart, Inc.; received Invoice 6704 payable in 60 days.

6

Issued Check 1002 for $2,175 to purchase art equipment.

7

Purchased supplies for $535; paid with Check 1003.

10

Issued Check 1004 for $250 for office cleaning service.

12

Performed services for $1,600 in cash and $1,400 on credit. (Use a compound entry.)

15

Returned damaged supplies for a cash refund of $150.

18

Purchased a computer for $1,025 from Office Furniture Mart, Inc., Invoice 7108; issued Check 1005 for a $525 down payment, with the balance payable in 30 days. (Use one compound entry.)

20

Issued Check 1006 for $3,500 to Office Furniture Mart, Inc., as payment on account for Invoice 6704.

26

Performed services for $1,950 on credit.

27

Paid $125 for monthly telephone bill; issued Check 1007.

30

Received $1,600 in cash from credit customers.

30

Mailed Check 1008 to pay the monthly utility bill of $296.

30

Issued Checks 1009-1011 for $3,775 for salaries.