Instructions Zenith Consulting Co. has the following accounts in its ledger: Cas

Question

Instructions Zenith 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; Expense; Miscellaneous Expense. Advertising Expense; utilities Transactions Mar 1 Paid rent for the month, $2,800 3 Paid advertising expense, $525. 5 Paid cash for supplies, $1,250 6 Purchased office equipment on account, $9,300 10 Received cash from customers on account, $16,600 15 Paid creditor on account, $3,160 27 Paid cash for miscellaneous expenses, $590. 30 Paid telephone bill for the month, $275. 31 Fees earned and billed to customers for the month, $50,160. 31 Paid electricity bill for the month, $830. 31 Paid dividends, $1,700 Journalize the preceding selected transactions for March 2018 in a two-column journal. Refer to the Chart of Accounts for exact wording of account titles.

Explanation / Answer

rent expense a/c

To cash

(Being rent expense paid for the month March)

Advertising expense a/c

To. Cash

( Being advertising expenses incurred)

Supplies a/c

To cash

(Cash paid to supplies)

Office equipment a/c

To Accounts payable

(Office equipment purchased on credit basis)

Cash a/c

To Account receivable

( Cash received from customers)

Account payable

To cash.

(Cash paid to creditors)

Miscellaneous expenses a/c

To cash

(Being miscellaneous expenses incurred)

Utilities expense a/c

To cash

(Being telephone bill paid)

Account receivable a/c

To Fees earned

(Being fees earned and billed to customer)

Utilities expense a/c

To cash

(Being electricity bill paid for the month of March)

Dividend a/c

To cash

( Being dividend paid)

Date journal entry debit credit Mar 1

rent expense a/c

To cash

(Being rent expense paid for the month March)

$2800 $2800 Mar 3

Advertising expense a/c

To. Cash

( Being advertising expenses incurred)

$525 $525 Mar 5

Supplies a/c

To cash

(Cash paid to supplies)

$1250 $1250 Mar 6

Office equipment a/c

To Accounts payable

(Office equipment purchased on credit basis)

$9300 $9300 Mar 10

Cash a/c

To Account receivable

( Cash received from customers)

$16600 $16600 Mar 15

Account payable

To cash.

(Cash paid to creditors)

$ 3160 $3160 Mar 27

Miscellaneous expenses a/c

To cash

(Being miscellaneous expenses incurred)

$590 $590 Mar 30

Utilities expense a/c

To cash

(Being telephone bill paid)

$275 $275 Mar 31

Account receivable a/c

To Fees earned

(Being fees earned and billed to customer)

$50160 $50160 Mar 31

Utilities expense a/c

To cash

(Being electricity bill paid for the month of March)

$830 $830 Mar 31

Dividend a/c

To cash

( Being dividend paid)

$1700 $1700

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