Ms. Grace Nicole Nebres decided to start a buseness.

"Grace Retail" for the month of October 2023 the transactions for the first month of her business as follows;

DATE TRANSACTIONS
Oct.1 Ms. Nebres invested 10,000 cash as owner's capital
Oct.2 Purchased merchandise on credit for 5,000
Oct.3 Sold merchandise on credit for 1,200
Oct.4 Paid rent for the month of October for 1,500
Oct.5 Purchased office supplies for 200.
Oct.6 Paid employee salaries for 2,500.
Oct.7 Received cash payment for 7,000
Oct.8 Sold merchandise for 800 in cash.
Oct.9 Purchased merchandise on credit for 3,500
Oct.10 Paid utilities for 300.
Oct.11 Received cash payment for 1,500.
Oct.12 Purchased office equipment for 1,000.
Oct.13 Paid insurance for 400.
Oct.14 Sold merchandise for 5,000 on credit.
Oct.15 Purchased merchandise for 4,000 .
Oct.16 Paid advertising expenses for 500.
Oct.17 Received cash payment for 800.
Oct.18 Sold merchandise for 1,200 in cash.
Oct.19 Purchased office supplies for 150.
Oct.20 Paid employee salaries for 2,800.
Oct.21 Received cash payment for 200.
Oct.22 Sold merchandise for 900 in cash.
Oct.23 Purchased merchandise on credit for 2,000.
Oct.24 Paid utilities for 250.
Oct.25 Received cash payment for 2,000.
Oct.26 Purchased office equipment for 500.
Oct.27 Paid insurance for 300
Oct.28 Sold merchandise for 1,500 on credit.
Oct.29 Purchased merchandise for 3,000.
Oct.30 Paid advertising expenses for 400.
usiness as follows;
JOURNALIZING TRANSACTIONS
DATE TRANSACTIONS
Oct.1 Ms. Nebres invested 10,000 cash as owner's capital

Oct.2 Purchased merchandise on credit for 5,000

Oct.3 Sold merchandise on credit for 8,000

Oct.4 Paid rent for the month of October for 1,500

Oct.5 Purchased office supplies for 200.

Oct.6 Paid employee salaries for 2,500.

Oct.7 Received cash payment for 7,000

Oct.8 Sold merchandise for 800 in cash.

Oct.9 Purchased merchandise on credit for 3,500

Oct.10 Paid utilities for 300.

Oct.11 Received cash payment for 1,500.

Oct.12 Purchased office equipment for 1,000.

Oct.13 Paid insurance for 400.

Oct.14 Sold merchandise for 5,000 on credit.

Oct.15 Purchased merchandise for 4,000 .

Oct.16 Paid advertising expenses for 500.

Oct.17 Received cash payment for 800.

Oct.18 Sold merchandise for 1,200 in cash.

Oct.19 Purchased office supplies for 150.

Oct.20 Paid employee salaries for 2,800.

Oct.21 Received cash payment for 200.

Oct.22 Sold merchandise for 900 in cash.

Oct.23 Purchased merchandise on credit for 2,000.

Oct.24 Paid utilities for 250.

Oct.25 Received cash payment for 2,000.

Oct.26 Purchased office equipment for 500.

Oct.27 Paid insurance for 300

Oct.28 Sold merchandise for 1,500 on credit.

Oct.29 Purchased merchandise for 3,000.

Oct.30 Paid advertising expenses for 400.

JOURNAL ENTRY DEBIT CREDIT
Cash 10,000
Ms. Nebres, Capital 10,000
To record the investment of capital.

Inventory 5,000
Cash 5,000
To record purchase of inventory

Account receivable 8,000

Sales revenue 8,000
To record sales of credit

Rent expense 1,500

Cash 1,500
To record rent -

Office expense 200

Cash 200
To record purchased supplies

Salaries expense 2,500

Cash 2,500
To record salaries

Cash 7,000
Account receivable 7,000
To record cash

Cash 800
Sales revenue 800
To record sales

Inventory 3,500
Accounts payable 3,500
To record purchase inventory

Utilities Expense 300

Cash 300
To record payment of utilities

Cash 1,500
Account receivable 1,500
To record cash

Equipment expense 1,000

Cash 1,000
To record expense

Insurance expense 400

Cash 400
To record expense

Account receivable 5,000

Sales revenue 5,000
To record sales
Inventory 4,000
Cash 4,000
To record purchased inventory

Advertising expense 500

Cash 500
To record sales on cash

Cash 800
Account receivable 800
To record cash

Cash 1,200
Sale revenue 1,200
To record sales

Office supplies expense 150

Cash 150
To record insurance expense

Salaries expense 2,800

Cash 2,800
To record expense
Cash 200
Account receivable 200
To record cash

Cash 900
Sales revenue 900
To record sales on cash

Inventory 2,000
Account payable 2,000
To record salaries expense

Utilities expense 250

Cash 250
To record expense

Cash 2,000
Accounts receivable 2,000
To record expense
Equipment expense 500
Cash 500
To record expense

Insurace expense 300

Cash 300
To record equipment

Account receivable 1,500

Sales revenue 1,500
To record sales

Inventory 3,000
Cash 3,000
To record purchased inventory

Advertising expense 400

Cash 400
To record expense
 CASH
Date Transaction
Oct.1 Ms. Nebres invested 10,000 cash as owner's capital
Oct.7 Received cash payment for 7,000
Oct.8 Sold merchandise for 800 in cash.
Oct.11 Received cash payment for 1,500.
Oct.17 Received cash payment for 800.
Oct.18 Sold merchandise for 1,200 in cash.
Oct.21 Received cash payment for 200.
Oct.22 Sold merchandise for 900 in cash.
Oct.25 Received cash payment for 2,000.

Total
Total
 CASH
Debit Date Transaction
10,000 Oct.2 Purchased merchandise on credit for 5,000
7,000 Oct.4 Paid rent for the month of October for 1,500
800 Oct.5 Purchased office supplies for 200.
1,500 Oct.6 Paid employee salaries for 2,500.
800 Oct.10 Paid utilities for 300.
1,200 Oct.12 Purchased office equipment for 1,000.
200 Oct.13 Paid insurance for 400.
900 Oct.15 Purchased merchandise for 4,000 .
2,000 Oct.16 Paid advertising expenses for 500.
Oct.19 Purchased office supplies for 150.
Oct.20 Paid employee salaries for 2,800.
Oct.24 Paid utilities for 250.
Oct.26 Purchased office equipment for 500.
Oct.27 Paid insurance for 300
Oct.29 Purchased merchandise for 3,000.
Oct.30 Paid advertising expenses for 400.
24,400
1,600
 INVENTORY
Credit Date Transaction Debit
5,000 Oct.2 Purchased merchandise on credit for 5,000 5,000
1,500 Oct.9 Purchased merchandise on credit for 3,500 3,500
200 Oct.15 Purchased merchandise for 4,000 . 4,000
2,500 Oct.23 Purchased merchandise on credit for 2,000. 2,000
300 Oct.29 Purchased merchandise for 3,000. 3,000
1,000 Total 17,500
400
4,000
500
150
2,800
250
500
300
3,000
400
22,800
INVENTORY
Date Transaction Credit Date
Oct.3
Oct.14
Oct.28
 Account receivable
Transaction Debit Date
Sold merchandise on credit for 8,000 8,000 Oct.7
Sold merchandise for 5,000 on credit. 5,000 Oct.11
Sold merchandise for 1,500 on credit. 1,500 Oct.17
Oct.21
Oct.25
14,500
Total 3,000
le
Transaction Credit Date
Received cash payment for 7,000 7,000
Received cash payment for 1,500. 1,500
Received cash payment for 800. 800
Received cash payment for 200. 200
Received cash payment for 2,000. 2,000
11,500
 Accounts payable
Transaction Debit Date
Oct.9
Oct.23

Total
Accounts payable
Transaction Credit
Purchased merchandise on credit for 3,500 3,500
Purchased merchandise on credit for 2,000. 2,000

Total 5,500
 Sales revenue
Date Transaction Debit Date
Oct.3
Oct.8
Oct.14
Oct.18
Oct.22
Oct.28
 Sales revenue
Transaction Credit Date
Sold merchandise on credit for 8,000 8,000
Sold merchandise for 800 in cash. 800
Sold merchandise for 5,000 on credit. 5,000
Sold merchandise for 1,200 in cash. 1,200
Sold merchandise for 900 in cash. 900
Sold merchandise for 1,500 on credit. 1500

Total 17,400
 Owners Capital
Transaction Debit Date
Oct.1
rs Capital
Transaction Credit Date
Ms. Nebres invested 10,000 cash as owner's capital 10,000 Oct.6
Oct.20
 Salaries expense
Transaction Debit Date
Paid employee salaries for 2,500. 2,500
Paid employee salaries for 2,800. 2,800
Total 5,300
 Rent expense
Transaction Credit Date Transaction
Oct.4 Paid rent for the month of October for 1,500

total
Rent expense
Debit Date Transaction Credit Date
1,500 Oct.16
Oct.30
1,500 Total
 Advertising expense
Transaction Debit Date Transaction Credit
Paid advertising expenses for 500. 500
Paid advertising expenses for 400. 400
Total 900
 Office Supplies expense
Date Transaction Debit Date Transactio Credit
Oct.5 Purchased office supplies for 200. 200
Oct.19 Purchased office supplies for 150. 150
Total 350
 Utilities expense
Date Transaction Debit Date Transactio Credit Date
Oct.10 Paid utilities for 300. 300 Oct.12
Oct.24 Paid utilities for 250. 250 Oct.26
Total 550
 Equipment expense
Transaction Debit Date Transactio
Purchased office equipment for 1,000. 1,000
Purchased office equipment for 500. 500
Total 1,500
 Insurance expense
Credit Date Transaction Debit
Oct.13 Paid insurance for 400. 400
Oct.27 Paid insurance for 300 300
700
 Grace Retail
Trial Balance
October 31, 2023

Debit Credit
Cash 1,600
Inventory 17,500
Account receivable 3,000
Account payable 5,500
Sales revenue 17,400
Owners Capital 10,000
Salaries expense 5,300
Rent expense 1,500
Advertising expense 900
Office supplies expense 350
Utilities expense 550
Equipment expense 1,500
Insurance expense 700

Total 32,900 32,900