General Journal Entries Directions: Enter the following transactions in your General Journal (following page) using the transaction number as the day in January. 1. Virgil Klimb invested $10,000 in Vertically Inclined (his business) on January 1, 2010. 2. Vertically inclined purchases $1,100 of supplies and $6,000 of equipment on credit. 3. Vertically inclined provided teaching services to a group of school children and collected $2,200 cash. 4. Vertically inclined signed a contract and received payment to teach rock climbing to a group of executives for $5,000 during February and March. 5. Vertically inclined provided teaching services of $1,600 and rented climbing equipment for $300 to a customer. The customer is billed $1,900 for the services and rental. 6. The customer pays the $1,900 owing from the Janurary 5th services and equipment rental. 7. Virgil Klimb withdraws $600 from Vertically Inclined for personal living expenses. Chart of Accounts 102 Cash 107 Accounts Receivable 110 Supplies 125 Equipment 140 Building 205 Accounts Payable 210 Unearned Teaching Revenue 215 Notes Payable 305 V. Klimb, Capital 310 V. Klimb, Withdrawals 404 Teaching Service Revenue 408 Climbing Equipment Rental Revenue 510 Telephone Expense 515 Rent Expense Date GENERAL JOURNAL Account Titles and Explanation PR Page Debit Credit