The Following Transactions Were Incurred by Wood Inc

Essay

The following transactions were incurred by Wood Inc. during October.
Oct. 1 Paid $486 electricity bill for September. The bill had been received and recorded on September 21 and was due by October 3.
Oct. 1 Bought a car costing $18,500, paying $3,000 down and signing a note for the remainder.
Oct. 5 Purchased stationery for the business on credit for $300.
Oct. 15 Paid employee salaries for first half of October, $2,340.
Oct. 16 Received $500 from a customer in payment of services performed on September 29.
Oct. 18 Paid $85 for an advertisement running in the October 18 newspaper.
Oct. 21 Performed services for a customer who paid the company $268.
Oct. 23 Paid November insurance policy, $200.
Oct. 25 Sold 1,000 shares of $10 par value common stock for $14 per share.
Oct. 29 Received a $2,500 advance payment from a customer for services to be performed in November.
Oct. 31 Employees earned $2,360 of salaries for the last half of October. These salaries will be paid on November 1.
Required:
A) Prepare general journal entries for these transactions. Next to each account title, indicate whether that account will increase (+) or decrease (-) as a result of the transaction.
B) Put a star (*) beside the date of each transaction that will require any type of adjusting entry to be made at the end of October.