30 Points Journalize business transactions in general journal form. Identify each transaction invest $40,000 in cash in starting a real estate office operating as a by number. You may omit the following by number. You may omit explanations of the transactions 1. Stockholders 2. Purchased $500 of supplies on credit Purchased equipment for $25,000, paying $3,500 in cash and signed a 30-day, $21,500, note payable Real estate commissions billed to clients amount to $4,000. Paid $700 in cash for the current month's rent. Paid $250 cash on account for office supplies purchased in transaction 2. Received a bill for $800 for advertising for the current month Paid $2,500 cash for office salaries. Paid $1,200 cash dividends to stockholders. Received a check for $2,000 from a client in payment on account for commissions billed 4. 5. 7. 8. 9. 10. Chapter 4 Exercise B-20 Points Prepare adjusting entries for the following transactions. Show mathematical calculations only. 1. Depreciation on equipment is $888 for the accounting period. 2. There was no beginning balance of supplies and purchased $700 of supplies during the period. At the end of the period $300 of supplies were on hand. 3. Prepaid rent had a $1,200 normal balance prior to adjustment. By year end $450 was unexpired 4. Telephone bill received after period ended in the amount of $90