EX 2-7 Transactions OBJ. 2: Simmons Consulting Co. has the following accounts in its ledger: Cash; Accounts Receivable;
Posted: Sun Jul 03, 2022 1:17 pm
EX 2-7 Transactions OBJ. 2: Simmons Consulting Co. has thefollowing accounts in its ledger: Cash; Accounts Receivable;Supplies; Office Equipment; Accounts Payable; Michael Short,Capital; Michael Short, Drawing; Fees Earned; Rent Expense;Advertising Expense; Utility Expense; Miscellaneous Expense.Journalize the following selected transactions for October 20Y3 ina two-column journal. Journal entry explanations may beomitted.
October
1. Paid rent for the month, $4,800.
3. Paid advertising expense, $2,500.
5. Paid cash for supplies, $1,390.
6. Purchased office equipment on account, $10,670.
10. Received cash from customers on account, $19,730.
15. Paid creditors on account, $9,480.
27. Paid cash for miscellaneous expenses, $530.
30. Paid telephone bill (utility expense) for the month,$220.
31. Fees earned and billed to customers for the month,$38,620.
31. Paid electricity bill (utility expense) for the month,$1,540.
31. Withdrew cash for personal use, $6,700.
October
1. Paid rent for the month, $4,800.
3. Paid advertising expense, $2,500.
5. Paid cash for supplies, $1,390.
6. Purchased office equipment on account, $10,670.
10. Received cash from customers on account, $19,730.
15. Paid creditors on account, $9,480.
27. Paid cash for miscellaneous expenses, $530.
30. Paid telephone bill (utility expense) for the month,$220.
31. Fees earned and billed to customers for the month,$38,620.
31. Paid electricity bill (utility expense) for the month,$1,540.
31. Withdrew cash for personal use, $6,700.