ct 2 Simmons Services received $67,000 cash and issued common stock to the 3 Pur

Question

ct 2 Simmons Services received $67,000 cash and issued common stock to the 3 Purchased supplies, $600, and equipment, $11,600, on account 4 Performed services for a customer and received cash, $5,700 7 Paid cash to acquire land, S35,000 11 Performed for a custormer and billed the customer, S3,900. Simmons expects to collect Within one month 16 Paid for the equipment purchased October 3 on account 17 Paid for newspaper advertising, $550 18 Received partial payment from customer on account, $1,800 22 Received and paid the water and electricity bills, $380 29 Received $3,000 cash for servicing the heating unit of a customer 31 Paid employee salaries, $2,300 31 Declared and paid dividends of $2,200

Explanation / Answer

Journal entry :

Date accounts & explanation debit credit Oct 2 Cash 67000 Common Stock 67000 (To record issue common stock) Oct 3 Supplies 600 Equipment 11600 Account payable 12200 (To record purchase) Oct 4 Cash 5700 Service revenue 5700 (To record service revenue) Oct 7 Land 35000 Cash 35000 (To record purchase land) Oct 11 Account receivable 3900 Service revenue 3900 (To record service revenue) Oct 16 Account payable 11600 Cash 11600 (To record amount paid) Oct 17 Advertising expense 550 Cash 550 (To record advertising) Oct 18 Cash 1800 Account receivable 1800 (To record amount received) Oct 22 Utilities expense 380 Cash 380 (To record paid) Oct 29 Cash 3000 Service revenue 3000 (To record service revenue) Oct 31 Salary expense 2300 Cash 2300 (To record salary paid) Oct 31 Cash dividend 2200 Cash 2200 (To record dividend paid)

Related Questions

Navigate

• Browse (All)
• Browse C
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.