Exercise 1. Recording Business Transactions in the General Journal. Record entries for Bryniuk Polo Inc. in the general journal. Enter, the date, choose the account, record debit first, and write a description. Please, number the journal page 3 2. Accounts: 101 Cash, 111 Accounts Receivable, 121 Supplies, 141 Equipment, 145 Prepaid Rent, 147, Trucks, 201 Account Payable, 300 Common Stock, 301 Retaining Earnings, 205 Dividends Payable, 400 Fees Earned, 500 Wages Expense, 511 Utilities Expense, 515 Phone Expense Data Transaction Marco Polo, Inc., was organized as a corporation on 2015 May 1, May the company issued shares (20,000 shares X $6 each) of capital stock for $120,000 cash to Ron Cast, his wife, and their son. The 1 investors invested $120,000 cash and deposited it on the new business account Company paid $ 6,500 cash for equipment (two computers) 5 Company paid $ 15,500 cash for a truck. Company purchased office supplies on account from Office XL for 7 $1,800 Issued a check to Office XL for $800 (previously purchased 11 on account); Check# 122 Marco Polo Inc. earned $28,000 in revenue from the NET Com 14 customer who paid cash. Marco Polo Inc. earned $18,000 in revenue from the customer 15 who purchased services on credit. Marco Polo Inc. collected $9,000 from the customer services sold 16 on account) Company paid the secretary and two employees $8,000 for two 18 weeks' wages 19 20 21 Issued the check # 125 for $1,550 to paid electric bill Issued a check to Lucky Rent, Inc. for $1,900 to pay for office rent the months of June and July. Marco Polo's board of directors approves a motion directing the corporation to pay its regular quarterly dividend of $1 per share. The following entry is made on the declaration date of May 21 assuming that 2,000 shares of common stock are outstanding. Company paid dividends (2,000 X $2= $4,000). Issued the check # 124 for $1,200 to paid telephone bill Page 1 22 25 GENERAL JOURNAL DATA POST REF. DEBIT CREDIT 1 2015 2 May 1 3 4