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On October 1 2016 Satillo Richey opened an advertising agency He plans to use the chart of accounts listed below INSTRUCTIONS

On October 1, 2016, Satillo Richey opened an advertising agency. He plans to use the chart of accounts listed below. INSTRUCTIONS 1. Journalize the transactions. Number the journal page 1, write the year at the top of the Date column, and include a description for each entry. 2. Post to the ledger accounts. Before you start the posting process, open accounts by entering account names and numbers in the headings. Follow the order of the accounts in the chart of accounts. ASSETS 101 Cash 111 Accounts Receivable 121 Supplies 141 Office Equipment 151 Art Equipment LIABILITIES 202 Accounts Payable OWNER’S EQUITY 301 Satillo Richey, Capital 302 Satillo Richey, Drawing REVENUE 401 Fees Income EXPENSES 511 Office Cleaning Expense 514 Rent Expense 517 Salaries Expense 520 Telephone Expense 523 Utilities Expense DATE TRANSACTIONS Oct. 1 Satillo Richey invested $60,000 cash in the business. 2 Paid October office rent of $3,000; issued Check 1001. 5 Purchased desks and other office furniture for $15,000 from Office Furniture Mart, Inc.; received Invoice 6704 payable in 60 days. 6 Issued Check 1002 for $3,200 to purchase art equipment. 7 Purchased supplies for $1,550; paid with Check 1003. 10 Issued Check 1004 for $600 for office cleaning service. 12 Performed services for $4,100 in cash and $1,900 on credit. (Use a compound entry.) 15 Returned damaged supplies for a cash refund of $400. 18 Purchased a computer for $3,000 from Office Furniture Mart, Inc

Apr 19 2020 View more View Less

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