Question

Exercise 3-18 (Part Level Submission) Whispering Winds Corp. provides security services. Selected transactions for Whispering Winds Corp. are presented below. Oct. 1 Issued common stock in exchange for $71,300 cash from investors. 2 Hired part-time security consultant. Salary will be $2,200 per month. First day of work will be October 15. 4 Paid 1 month of rent for building for $2,200. 7 Purchased equipment for $19,400, paying $4,300 cash and the balance on account. 8 Paid $500 for advertising. 10 Received bill for equipment repair cost of $420. 12 Provided security services for event for $3,500 on account. 16 Purchased supplies for $440 on account. 21 Paid balance due from October 7 purchase of equipment. 24 Received and paid utility bill for $160. 27 Received payment from customer for October 12 services performed. 31 Paid employee salaries and wages of $5,500. (a) Journalize the transactions. (If no entry is required, select "No entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit

Answer 1

Oct 1. Cash A/c.... Dr. $71,300

To Common stock A/c...........Cr. $71,300

Oct 2. No entry

Oct 4. Rent for building A/c ......Dr. $2,200

To cash A/c................ Cr. $2,200

Oct 7. Equipment A/c.............Dr. $19,400

To Cash A/c.............. Cr. $4,300

To Accounts payable A/c.. Cr. $15,100

Oct 8. Advertising A/c .......Dr. $500

To Cash A/c..... Cr. $500

Oct 10. Equipment Repair cost A/c ..........Dr. $420

To accounts payable A/c ............. Cr. $420

Oct 12. Accounts receivable A/c .............Dr. $3,500

To Security service A/c............. Cr. $3,500

Oct 16. Supplies A/c ............Dr. $440

To Accounts payable A/c....... Cr. $440

Oct 21. Accounts payable A/c .............. Dr. $15,100

To Cash A/c .................... Cr. $15,100

Oct 24. Utility bill A/c ......... Dr. $160

To cash A/c ..........    Cr. $160

Oct 27. Cash A/c ........ Dr. $3,500

To accounts receivable A/c .... Cr. $3,500

Oct 31. Employee salary and wages A/c ...... Dr. $5,500

To cash A/c..... Cr. $5,500