The chart of accounts of the Barnes School is shown here, followed by the transactions that took
Question:
The chart of accounts of the Barnes School is shown here, followed by the transactions that took place during October of this year.
For additional help, see the demonstration problem at the beginning of each chapter in your Working Papers.
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 of $312, Ck. No. 1529.
15 Bought desks and chairs from The Oak Center, $1,980, paying $980 in cash and placing the balance on the 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 the 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.
Check Figure
Equipment increased by $3,499 in October
Required
Record these transactions in the general journal, including a brief explanation for each entry. Number the journal pages 31 and 32.
College Accounting
ISBN: 978-1111528126
11th edition
Authors: Tracie Nobles, Cathy Scott, Douglas McQuaig, Patricia Bille