EX 2-7 Transactions

Jardine 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 March 2016 in a two-column journal. Journal entry explanations may be omitted.

Mar.  

1. Paid rent for the month, $2,500.

3. Paid advertising expense, $675.

5. Paid cash for supplies, $1,250.

6. Purchased office equipment on account, $9,500.

10. Received cash from customers on account, $16,550.

15. Paid creditor on account, $3,180.

27. Paid cash for repairs to office equipment, $540.

30. Paid telephone bill for the month, $375.

31. Fees earned and billed to customers for the month, $49,770.

31. Paid electricity bill for the month, $830.

31. Paid dividends, $1,750.

Answer:

2016 

March 1 Rent Expense 2,500 

Cash 2,500 

3 Advertising Expense 675 

Cash 675 

5 Supplies 1,250 

Cash 1,250 

6 Office Equipment 9,500 

Accounts Payable 9,500 

10 Cash 16,550 

Accounts Receivable 16,550 

15 Accounts Payable 3,180 

Cash 3,180 

27 Miscellaneous Expense 540 

Cash 540 

30 Utilities Expense 375 

Cash 375 

31 Accounts Receivable 49,770 

Fees Earned 49,770 

31 Utilities Expense 830 

Cash 830 

31 Dividends 1,750 

Cash 1,750