Exercise 2. Recording Business Transactions in the General Journal Record entries for Legacy Shoes Inc. in the general journal. Enter, the date, choose the account, record debit first, and write a description. Please, the number the journal page 5.

Accounts:

101 Cash, 111 Accounts Receivable, 121 Supplies, 123 Inventory, 141 Equipment,

145 Prepaid rent, 147 Trucks, 201 Account Payable, 300 Common Stock, 301

Retaining Earnings, 400 Fees Earned, 500 Wages Expense, 501 Rent Expense, 511 Utilities Expense, 515 Phone Expense

Data	Transaction
Sept. 1	Legacy Shoes, Inc., was organized as a corporation on 2015 December 1, the company issued shares (50,000 shares X $4 each) of capital stock for USD 200,000 cash to Adele Johnson, his wife, and their son. The investors invested $200,000 cash and deposited it on the new business account

2	Issued a check to Rent Commerce, Inc. for $2,700 to pay for office rent the months of September, October and November
4	Paid rent for month of September $900
7	Company paid $ 17,500 cash for a truck.
9	Company purchased a new inventory of shoes for $10,700 (Check# 105)
11	Company purchased supplies on account from Office Perfect for $700
12	Issued a check to Office Perfect for $800 (previously purchased on account); Check# 102
15	Legacy Shoes earned $19,000 in revenue from the customer who paid cash
16	Legacy Shoes Inc. earned $29,000 in revenue from the customer who purchased services on credit.
17	Legacy Shoes Inc. collected $18,000 from the customer (services sold on account)
18	Company paid the secretary and two employees $8,000 for two weeks wages
19	Issued the check # 102 for $1,950 to paid electric bill
27	Issued the check # 103 for $450 to paid telephone bill