ASSIGNMENT 08. A01 Introduction to Accounting. Directio

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ASSIGNMENT 08A01 Introduction to AccountingDirections: Be sure to save an electronic copy of your answer before submitting for grading. Unlessotherwise stated, answer in complete sentences, and be sure to use correct English, spelling andgrammar. Sources must be cited in APA format. Your response should be four (4) double-spaced pages;refer to the "Assignment Format" page located on the Course Home page for specific formatrequirements.Part A (20 points)Prepare in proper form journal entries for the following transactions. Omit explanations.October2Owner made a cash investment into the company $5,0008Bought supplies on account $100.10Paid salaries, $70015Paid for supplies purchased on October 821Received company telephone bill, to be paid later, $30Part B (5 points each for a possible total of 50 points)Record the following selected transactions for January in a two-column journal, identifying each entry byletter:(a) Earned $7,000 fees; customer will pay later.(b) Purchased equipment for $45,000, paying $20,000 in cash and the remainder on credit(c) Paid $3,000 for rent for January.(d) Purchased $2,500 of supplies on account.(e) A. Allen $1,000 investment in the company.(f) Received $7,000 in cash for fees earned previously.(g) Paid $1,200 to creditors on account.(h) Paid wages of $6,250.(i) Received $7,150 from customers on account.(j) A. Allen withdrawal of $1,750.
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