stone Consulting completed the following transactions during November 2018: 11/0

Question

stone Consulting completed the following transactions during November 2018: 11/01/18 Received $1,800 in advance for 6 months of services to be performed in the future 11/02/18 Paid monthly office rent, $1,700 11/03/18 Received $3,500 cash for consulting services rendered 11/05/18 Paid $600 on account 11/07/18 Received bill for utilities, $500 11/09/18 Purchased $400 of office supplies on account 11/10/18 Stockholders contributed $4,000 cash in exchange for common stock 11/15/18 Collected $900 on account 11/16/18 Hired an assistant today to be paid $1,000 on the 1st & the 15th day of the month. 11/17/18 Paid $1,400 for equipment (computer) 11/20/18 Paid utilities bill received on 11/7 11/23/18 Performed services for a client on account, $3,800 11/27/18 Purchased office furniture on account, $2,500 11/30/18 Cash dividends of $1,200 were paid to stockholders

Explanation / Answer

Journal Entries : Date Accounts Debit($) Credit($) 01-11-18 Cash A/c                                                     Dr. 1800 To Unearned revenue 1800 (Being Cash received as an advance) 02-11-18 Office Rent A/c                                                    Dr. 1700 To cash A/c 1700 (Being Rent expense paid) 03-11-18 Cash A/c                                                  Dr. 3500 To Service revenue A/c 3500 (Being cash received for services rendered) 05-11-18 Accounts payable A/c                      Dr. 600 TO cash A/c 600 (Being cash paid to account ) 07-11-18 Utilities expense A/c                      Dr. 500 To Accounts payable A/c 500 (Being bills received for utilities) 09-11-18 Office supplies a/c                           Dr. 400 To Accounts payable A/c 400 (Being purchase of office supplies) 10-11-18 Cash A/c                                                  Dr. 4000 To common stock A/c 4000 (Being cash received against common stock) 15-11-18 Cash A/c                                                  Dr. 900 To Accounts receivable A/c 900 (Being collected on account ) 16-11-18 Wages A/c                                            Dr. 1000 To Wages payable 1000 17-11-18 Equipment A/c                                  Dr. 1400 To cash A/c 1400 (Being Paid for equipment) 20-11-18 Accounts payable / utilities payable A/c   Dr. 500 To cash A/c 500 (Being payment made for utilities ) 23-11-18 Accounts receivables A/c                     Dr. 3800 To service revenue 3800 (Being performed services for client on account) 27-11-18 Office furniture A/c                            Dr. 2500 To accounts payable A/c 2500 (being purchase of furniture on account ) 30-11-18 Dividends A/c                                         Dr. 1200 To cash A/c 1200 (BeingDividends paid on cash )

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