Diane Bernick has opened Bernick's Consulting. Journalize the following transactions that occurred during January of the current year. Use the following chart of accounts: Chart of Accounts Assets Revenues 101 Cash 401 Consulting Fees 142 Office Supplies 181 Office Equipment Expenses 511 Wages Expense Liabilities 521 Rent Expense 202 Accounts Payable 525 Phone Expense 533 Utilities Expense Owner’s Equity 549 Miscellaneous Expense 311 Diane Bernick, Capital 312 Diane Bernick, Drawing Jan. 1 Bernick invested cash in the business, $12,000. 2 Paid office rent, $750. 3 Purchased office equipment on account, $1,300. 5 Received cash for services rendered, $950. 8 Paid phone bill, $85. 10 Paid for a magazine subscription (miscellaneous expense), $20. 11 Purchased office supplies on account, $250. 15 Made a payment on account (see Jan. 3 transaction), $200. 18 Paid part-time employee, $600. 21 Received cash for services rendered, $800. 25 Paid utilities bill, $105. 27 Bernick withdrew cash for personal use, $400. 29 Paid part-time employee, $600
Diane Bernick has opened Bernick's Consulting. Journalize the following transactions that occurred during January of the current year. Use the following chart of accounts: Chart of Accounts Assets Revenues 101 Cash 401 Consulting Fees 142 Office Supplies 181 Office Equipment Expenses 511 Wages Expense Liabilities 521 Rent Expense 202 Accounts Payable 525 Phone Expense 533 Utilities Expense Owner’s Equity 549 Miscellaneous Expense 311 Diane Bernick, Capital 312 Diane Bernick, Drawing Jan. 1 Bernick invested cash in the business, $12,000. 2 Paid office rent, $750. 3 Purchased office equipment on account, $1,300. 5 Received cash for services rendered, $950. 8 Paid phone bill, $85. 10 Paid for a magazine subscription (miscellaneous expense), $20. 11 Purchased office supplies on account, $250. 15 Made a payment on account (see Jan. 3 transaction), $200. 18 Paid part-time employee, $600. 21 Received cash for services rendered, $800. 25 Paid utilities bill, $105. 27 Bernick withdrew cash for personal use, $400. 29 Paid part-time employee, $600
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter2: T Accounts, Debits And Credits, Trial Balance, And Financial Statements
Section: Chapter Questions
Problem 3E: R. Dalberg operates Dalbergs Tours. The company has the following chart of accounts: Using the chart...
Related questions
Topic Video
Question
100%
Diane Bernick has opened Bernick's Consulting. Journalize the following transactions that occurred during January of the current year. Use the following chart of accounts:
Chart of Accounts | ||||
Assets | Revenues | |||
101 | Cash | 401 | Consulting Fees | |
142 | Office Supplies | |||
181 | Office Equipment | Expenses | ||
511 | Wages Expense | |||
Liabilities | 521 | Rent Expense | ||
202 | Accounts Payable | 525 | Phone Expense | |
533 | Utilities Expense | |||
Owner’s Equity | 549 | Miscellaneous Expense | ||
311 | Diane Bernick, Capital | |||
312 | Diane Bernick, Drawing |
Jan. 1 | Bernick invested cash in the business, $12,000. |
2 | Paid office rent, $750. |
3 | Purchased office equipment on account, $1,300. |
5 | Received cash for services rendered, $950. |
8 | Paid phone bill, $85. |
10 | Paid for a magazine subscription (miscellaneous expense), $20. |
11 | Purchased office supplies on account, $250. |
15 | Made a payment on account (see Jan. 3 transaction), $200. |
18 | Paid part-time employee, $600. |
21 | Received cash for services rendered, $800. |
25 | Paid utilities bill, $105. |
27 | Bernick withdrew cash for personal use, $400. |
29 |
Paid part-time employee, $600.
|
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
Follow-up Questions
Read through expert solutions to related follow-up questions below.
Follow-up Question
Bernice's Consulting statement of owners equity
Solution
by Bartleby Expert
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781337280570
Author:
Scott, Cathy J.
Publisher:
South-Western College Pub
Excel Applications for Accounting Principles
Accounting
ISBN:
9781111581565
Author:
Gaylord N. Smith
Publisher:
Cengage Learning
Financial Accounting: The Impact on Decision Make…
Accounting
ISBN:
9781305654174
Author:
Gary A. Porter, Curtis L. Norton
Publisher:
Cengage Learning
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781337280570
Author:
Scott, Cathy J.
Publisher:
South-Western College Pub
Excel Applications for Accounting Principles
Accounting
ISBN:
9781111581565
Author:
Gaylord N. Smith
Publisher:
Cengage Learning
Financial Accounting: The Impact on Decision Make…
Accounting
ISBN:
9781305654174
Author:
Gary A. Porter, Curtis L. Norton
Publisher:
Cengage Learning
Financial Accounting
Accounting
ISBN:
9781305088436
Author:
Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:
Cengage Learning
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781305084087
Author:
Cathy J. Scott
Publisher:
Cengage Learning
Financial And Managerial Accounting
Accounting
ISBN:
9781337902663
Author:
WARREN, Carl S.
Publisher:
Cengage Learning,