Show effects of each transaction on financial statement

Reference no: EM131527400

Question: The Zuni Co. has the following accounts in its ledger: Cash; Accounts Receivable; Supplies; Office Equipment; Accounts Payable; Capital Stock; Dividends; Fees Earned; Rent Expense; Advertising Expense; Utilities Expense; Miscellaneous Expense. Journalize the following selected transactions in a journal. Show the effects of each transaction on the financial statements using the margin notation illustrated in this chapter.

Aug. 1 Paid rent for the month, $1,500.

2 Paid advertising expense, $700.

4 Paid cash for supplies, $1,050.

6 Purchased office equipment on account, $7,500.

8 Received cash from customers on account, $3,600.

12 Paid creditor on account, $1,150.

20 Paid dividends, $1,000.

25 Paid cash for repairs to office equipment, $500.

30 Paid telephone bill for the month, $195.

31 Fees earned and billed to customers for the month, $10,150.

31 Paid electricity bill for the month, $380.

Reference no: EM131527400

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