Question

The chart of accounts of the Barnes School is shown here, followed by the transactions that took place during October of this year.
Assets
111 Cash
113 Accounts Receivable
115 Prepaid Insurance
124 Equipment
127 Furniture
Revenue
411 Tuition Income
Liabilities
221 Accounts Payable
Owner’s Equity
311 R. Barnes, Capital
312 R. Barnes, Drawing
Expenses
511 Salary Expense
512 Rent Expense
513 Gas and Oil Expense
514 Advertising Expense
515 Repair Expense
516 Telephone Expense
517 Utilities Expense
529 Miscellaneous Expense
Oct. 1 Bought liability insurance for one year, $ 1,850, Ck. No. 1527.
3 Received a bill for advertising from Business Summary, $ 415.
4 Paid the rent for the current month, $ 1,870, Ck. No. 1528.
7 Received a bill for equipment repair from Fix- It Service, $ 318, Inv. No. 436.
Oct. 10 Received and deposited tuition from students, $ 6,375.
11 Received and paid the telephone bill $ 312, Ck. No. 1529.
15 Bought desks and chairs from The Oak Center, $ 1,980, paying $ 980 in cash and placing the balance on account, Ck. No. 1530.
18 Paid on account to Business Summary, $ 415, Ck. No. 1531.
21 R. Barnes withdrew $ 1,000 for personal use, Ck. No. 1532.
24 Received a bill for gas and oil from Wagner Oil Company, $ 225, Inv. No. 682.
25 Received and deposited tuition from students, $ 6,380.
27 Paid the salary of the part- time office assistant, $ 1,150. Ck. No. 1533.
28 Bought a photocopier on account from Gorst Office Machines, $ 1,950, Inv. No. 417. 29 Received $ 950 tuition from a student who had charged the tuition on account in September.
30 Received and paid the bill for utilities, $ 623, Ck. No. 1534.
31 Paid for flower arrangements for front office, $ 87, Ck. No. 1535.
31 R. Barnes invested his personal computer and printer, with a fair market value of $ 1,549, in the business.

Required
Record these transactions in the general journal, including a brief explanation for each entry. Number the journal pages 31 and 32.



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  • CreatedOctober 21, 2014
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