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Simmons Consulting Co. has the following accounts in its ledger: Cash; Accounts Receivable; Supplies; Office Equipment;...

Simmons Consulting Co. has the following accounts in its ledger: Cash; Accounts Receivable; Supplies; Office Equipment; Accounts Payable; Michael Short, Capital; Michael Short, Drawing; Fees Earned; Rent Expense; Advertising Expense; Utilities Expense; Miscellaneous Expense.

Oct. 1. Paid rent for the month, $4,200.
3. Paid advertising expense, $2,690.
5. Paid cash for supplies, $1,150.
6. Purchased office equipment on account, $17,700.
10. Received cash from customers on account, $5,760.
15. Paid creditors on account, $1,690.
27. Paid cash for miscellaneous expenses, $730.
30. Paid telephone bill (utility expense) for the month, $270.
31. Fees earned and billed to customers for the month, $38,400.
31. Paid electricity bill (utility expense) for the month, $460.
31. Withdrew cash for personal use, $2,900.

Journalize the selected transactions for October 20Y3. If an amount box does not require an entry, leave it blank.

20Y3 Oct. 1
20Y3 Oct. 3
20Y3 Oct. 5
20Y3 Oct. 6
20Y3 Oct. 10
20Y3 Oct. 15
20Y3 Oct. 27
20Y3 Oct. 30
20Y3 Oct. 31:
20Y3 Oct. 31:
20Y3 Oct. 31:

Solutions

Expert Solution

Simmons Consulting Co.

Journal entries

Date Particulars Amount
(Dr)		 Amount
(Cr)
20Y3 Oct. 1 Rent $4,200
Cash $4,200
(Rent paid)
20Y3 Oct. 3 Advertising expense $2,690
Cash $2,690
(Adv. expenses paid)
20Y3 Oct. 5 supplies expense $1,150
Cash $1,150
(Paid cash for supplies)
20Y3 Oct. 6 office equipment $17,700
  Accounts Payable $17,700
(Purchased office equipment on account)
20Y3 Oct. 10 cash $5,760
Accounts Receivable $5,760
(Received cash from customers on account)
20Y3 Oct. 15 Creditors $1690
Cash $1690
(Paid creditors on account)
20Y3 Oct. 27 Miscellaneous expenses $730
Cash $730
(Paid cash for miscellaneous expenses)
20Y3 Oct. 30 telephone bill (utility expense) $270
Cash $270
(Paid telephone bill (utility expense) )
20Y3 Oct. 31 Accounts Receivable $38,400
   Services Revenue $38,400
(Fees earned and billed to customers)
20Y3 Oct. 31 Electricity bill (utility expense) $460
Cash $460
(Paid electricity bill (utility expense))
20Y3 Oct. 31 Drawings $2,900
Cash $2,900
(Withdrawl of cash for personal use)

Thanks & all the best.........

ekkarill92 answered 9 months ago
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