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.