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1) Listed below are the January transactions for Big Ben Clock Repair Store, owned by David McDonald. Record them in general Journal form. January :

1) Listed below are the January transactions for Big Ben Clock Repair Store, owned by David McDonald. Record them in general Journal form.

January:

1 Invested $7,000 cash and equipment with a book value of $2,800 3 Paid first months rent, $700

5 Cash repairs, $1,400

7 Purchased supplies on account, $325
8 Repaired a grandfather clock on account, $900 8 Paid wages, $275

11 Purchased equipment, $550 cash 12 Cash repairs, $2,700

15 Purchased equipment on account, $400 17 Paid for advertising, $325

19 Withdrew $500 for personal expenses

21 Received $500 on account from Jan.8 transaction 22 Paid wages, $325

25 Cash repairs, $3,400
26 Paid $400 on account from Jan. 15 transaction 29 Repaired a clock on account, $345

2) Norm Egglund owns and operates a toy repair store and had the following transactions. Record the entries in the general journal form. July

1 Invested $8,000 in business

3 Purchased supplies on account, $175

5 Purchased equipment for, $9,000, paying $6,000 cash and issuing a 30-day note for the remainder

7 Received, $1,500 cash for repairs

9 Purchased supplies on account, $255 11 Paid rent for month, $350

15 Paid electric bill, $155

17 Paid $100 on account from July 19 transaction 19 Withdrew $500 for personal use

23 Received $200 up front on a $500 repair 25 Paid $155 on account

30 Record cash repairs, $2150 30 Paid wages, $1000

3) Journalize the following transactions. During March the business engaged in the following transactions:

Mar. 3 Borrowed $45,000 from the bank and signed a note payable in the name of the business.

5 Paid cash of $40,000 to a real estate company to acquire land in the town of Bancroft.

11 Performed service for a customer and received cash of $5,000.

12 Purchased supplies on account, $300.

14 Performed customer service and earned revenue on account, $2,600.

17 Paid $1,200 of the Accounts Payable balance from the March 1, 2017, trial balance.

19 Paid the following cash expenses: salaries, $3,000; rent, $1,500; and interest, $400.

20 Received $3,100 of the Accounts Receivable balance from the March 1, 2017, trial balance.

24 Received a $200 utility bill that will be paid next week.

27 John Cassiar withdrew $1,800 for personal use.

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