EX 2-7 Transactions OBJ. 2: 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; Utility Expense; Miscellaneous Expense. Journalize the following selected transactions for October 20Y3 in a two-column journal. Journal entry explanations may be omitted.

Oct. 1. Paid rent for the month, $4,800. 3. Paid advertising expense, $2,500. 5. Paid cash for supplies, $1,390. 6. Purchased office equipment on account, $10,670. 10. Received cash from customers on account, $19,730. 15. Paid creditors on account, $9,480. 27. Paid cash for miscellaneous expenses, $530. 30. Paid telephone bill (utility expense) for the month, $220. 31. Fees earned and billed to customers for the month, $38,620. 31. Paid electricity bill (utility expense) for the month, $1,540. 31. Withdrew cash for personal use, $6,700.

Indicate for each debit and each credit (a) whether an asset, liability, owners equity, draw-ing, revenue, or expense account was affected and (b) whether the account was increased (+) or decreased (). Present your answers in the following form, with transaction (1) given as an example: Account Debited Account Credited Transaction Type Effect Type Effect (1) asset + owners equity +

(1) (7) (5) (2) Cash 97,000 (2) 10,540 (3) (4) (6) Accounts Receivable 15,910 (7) Supplies 1,160 (8) 1,160 (3) 2,070 8,120 3,490 3,200 10,540 (6) 850 Equipment 10,350 Accounts Payable 3,490 (3) Mary Silva, Capital (1) 8,280 (9) 97,000 (4) (8) Mary Silva, Drawing 3,200 Fees Earned (5) Operating Expenses 8,120 850 15,910