Weygandt Financial Accounting 10e Help I System Announcement

Weygandt, Financial Accounting, 10e Help I System Announcements Exercise 2-17 (Part Level Submission) Flint Corporation provides security services. Selected transactions for Flint are presented below. Oct. 1 Issued common stock in exchange for $65,600 cash from investors. 2 Hired part-time security consultant. Salary will be $1,860 per month. First day of work will be October 15. 4 Paid one month of rent for building for $1,860. 7 Purchased equipment for $19,950, paying $5,100 cash and the balance on account. 8 Paid $630 for advertising. 10 Received bill for equipment repair cost of $360. 12 Provided security services for event for $3,220 on account. 16 Purchased supplies for $475 on account. 21 Paid balance due from October 7 purchase of equipment 24 Received and paid utility bill for $145. 27 Received payment from customer for October 12 services performed. 31 Paid employee salaries and wages of $5,590. (a) Your answer is correct. Journalize the transactions. (Credit account titles are automatically indent ed when the amount is entered. Do r amounts.) Date Account Titles and Explanation Debit Credit Oct. 1 Cash 65,600

Solution

Answer

As I can see that your Journal entries are correct, U need help with T accounts.

Cash A/c

Date

Particulars

$

Date

Particulars

$

1-Oct

To Common Stock

65,600

4-Oct

By Rent Expense

1,860

27-Oct

To Acconts Receivable

3,220

7-Oct

By Equipment

5,100

8-Oct

By Advertisement Expense

630

21-Oct

By Accounts Payable

14,850

24-Oct

By Utilities Expense

145

31-Oct

By Salaries and wages

5,590

Balance C/f

40,645

Total

68,820

Total

68,820

Balance b/f

40,645

Accounts Receivable A/c

Date

Particulars

$

Date

Particulars

$

12-Oct

To Service Revenue

3,220

27-Oct

By Cash

3,220

Total

3,220

Total

3,220

Supplies A/c

Date

Particulars

$

Date

Particulars

$

16-Oct

To Accounts Payable

475

Balance C/f

475

Total

475

Total

475

Balance b/f

475

Equipment A/c

Date

Particulars

$

Date

Particulars

$

7-Oct

To Cash

5,100

7-Oct

To Accounts Payable

14,850

Balance C/f

19,950

Total

19,950

Total

19,950

Balance b/f

19,950

Accounts Payable A/c

Date

Particulars

$

Date

Particulars

$

21-Oct

To Cash

14,850

7-Oct

By Equipment

14,850

10-Oct

By Maintenance and repairs

360

16-Oct

By Supplies

475

Balance C/f

835

Total

15,685

Total

15,685

Balance b/f

835

Common Stock A/c

Date

Particulars

$

Date

Particulars

$

1-Oct

By Cash

65,600

Balance C/f

65,600

Total

65,600

Total

65,600

Balance b/f

65,600

Service Revenue A/c

Date

Particulars

$

Date

Particulars

$

12-Oct

By Accounts Receivable

3,220

Balance C/f

3,220

Total

3,220

Total

3,220

Balance b/f

3,220

Advertisement Expense A/c

Date

Particulars

$

Date

Particulars

$

8-Oct

To Cash

630

Balance C/f

630

Total

630

Total

630

Balance b/f

630

Salaries and Wages A/c

Date

Particulars

$

Date

Particulars

$

31-Oct

To Cash

5,590

Balance C/f

5,590

Total

5,590

Total

5,590

Balance b/f

5,590

Maintenance and Repairs A/c

Date

Particulars

$

Date

Particulars

$

10-Oct

To Accounts Payable

360

Balance C/f

360

Total

360

Total

360

Balance b/f

360

Rent Expense A/c

Date

Particulars

$

Date

Particulars

$

4-Oct

To Cash

1,860

Balance C/f

1,860

Total

1,860

Total

1,860

Balance b/f

1,860

Utilities Expense Expense A/c

Date

Particulars

$

Date

Particulars

$

24-Oct

To Cash

145

Balance C/f

145

Total

145

Total

145

Balance b/f

145

		Cash A/c
Date	Particulars	$	Date	Particulars	$
1-Oct	To Common Stock	65,600	4-Oct	By Rent Expense	1,860
27-Oct	To Acconts Receivable	3,220	7-Oct	By Equipment	5,100
			8-Oct	By Advertisement Expense	630
			21-Oct	By Accounts Payable	14,850
			24-Oct	By Utilities Expense	145
			31-Oct	By Salaries and wages	5,590
				Balance C/f	40,645
	Total	68,820		Total	68,820
	Balance b/f	40,645