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.

Question
Asked Mar 25, 2020
5 views

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.

check_circle

Expert Answer

Step 1

Journal entry refers to the recording made by the business in the books of accounts, of all the non-economic & economic transactions of a company on daily basis. The entries are made by debiting one account and by crediting another account.

Step 2

The journal entry for the transactions is as follows:

Accounting homework question answer, step 2, image 1

...

Want to see the full answer?

See Solution

Check out a sample Q&A here.

Want to see this answer and more?

Solutions are written by subject experts who are available 24/7. Questions are typically answered within 1 hour.*

See Solution
*Response times may vary by subject and question.

Related Accounting Q&A

Find answers to questions asked by student like you
Show more Q&A
add
question_answer

Q: Westover Motors is a small car dealership. On average, it sells a car for $32,000, which it purchase...

A: Q1. Calculate break-even in units: Break-even in units = Fixed costs / contribution margin per unit ...

question_answer

Q: Bob owned a duplex used as rental property.  The duplex had an adjusted basis to Bob of $86,000 and ...

A: There is no gain or loss as the fair market value of both duplex and triplex.

question_answer

Q: Wildhorse Co. purchased a new machine on October 1, 2022, at a cost of $88,000. The company estimate...

A: Depreciation expense: Depreciation expense is a non-cash expense, which is recorded on the income st...

question_answer

Q: What are the major factors considered in determining what ­depreciation method to use?

A: Depreciation: Depreciation refers to the reduction in the monetary value of a fixed asset due to its...

question_answer

Q: Jhumpa, Stewart, and Kelly are all one-third partners in the capital and profits of Firewalker Gener...

A: Compute the ordinary business income:

question_answer

Q: Jurassic Company owns machinery that cost $900,000 and has accumulated depreciation of $380,000. The...

A: Click to see the answer

question_answer

Q: Briefly explain the difference between the single-step and multiple-step income statement formats.

A: Single-step income statement: Format in which a single subtotal of all revenue items are listed in ...

question_answer

Q: Reciprocal Method Eilers Company has two producing departments and two support departments. The foll...

A: Reciprocal method of allocation: Reciprocal method of allocation identifies all interactions of sup...

question_answer

Q: What accounting treatment is normally given to the following items in accounting for plant assets? a...

A: Asset capitalization: Asset capitalization can be defined as the expense or additions/improvements t...