Question

1. Transactions

   Innovative Consulting Co. has the following accounts in its ledger: Cash, Accounts Receivable, Supplies, Office Equipment, Accounts Payable, Common Stock, Retained Earnings, Dividends, Fees Earned, Rent Expense, Advertising Expense, Utilities Expense, Miscellaneous Expense.

   Journalize the following selected transactions for October 20Y2 in a two-column journal. Journal entry explanations may be omitted. If an amount box does not require an entry, leave it blank.

   Oct. 1.	Paid rent for the month, $3,100.
   3.	Paid advertising expense, $2,000.
   5.	Paid cash for supplies, $860.
   6.	Purchased office equipment on account, $13,100.
   12.	Received cash from customers on account, $4,280.
   20.	Paid creditor on account, $1,250.
   27.	Paid cash for miscellaneous expenses, $540.
   30.	Paid telephone bill for the month, $200.
   31.	Fees earned and billed to customers for the month, $28,500.
   31.	Paid electricity bill for the month, $340.
   31.	Paid dividends, $2,200.

   20Y2 Oct. 1
   Oct. 3
   Oct. 5
   Oct. 6
   Oct. 12
   Oct. 20
   Oct. 27
   Oct. 30
   Oct. 31
   Oct. 31
   Oct. 31

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Answer 1

Date	Account details & Explanations	Debit	Credit
Oct 1	Rent expense	$3,100
	Cash		$3,100
Oct 3	Advertising expense	$2,000
	Cash		$2,000
Oct 5	Supplies	$860
	Cash		$860
Oct 6	Office Equipment	$13,100
	Accounts payable		$13,100
Oct 12	Cash	$4,280
	Accounts receivable		$4,280
Oct 20	Accounts payable	$1,250
	Cash		$1,250
Oct 27	Miscellaneous expense	$540
	Cash		$540
Oct 30	Telephone expense	$200
	Cash		$200
Oct 31	Accounts receivable	$28,500
	Fees Earned		$28,500
Oct 31	Electricity expense	$340
	Cash		$340
Oct 31	Dividends	$2,200
	Cash		$2,200