In the journal provided, prepare journal entries without explanations for the following transactions. Write no entry if none is needed.

a. Received a $1,000 invoice for this month's electricity. Payment will be made in 2 weeks.

b. Paid $1,200 for insurance premiums to cover the next six months.

c. Dividends of $700 were paid.

d. The utility bill from part a is paid.

e. Purchased land for $23,000. The company paid half in cash and issued a promissory note for the other half.

ANS:

General Journal					Page 1
Date	Description		Post. Ref.	Debit	Credit
	a. Utilities Expense
		Accounts Payable
	b. Prepaid Insurance
		Cash
	c. Dividends
		Cash
	d. Accounts Payable
		Cash
	e. Land
		Cash
		Notes Payable