Question
Journalize the following business transactions in general journal form. Identify each transaction by number. (If no entry is required, select No Entry for the account
Journalize the following business transactions in general journal form. Identify each transaction by number. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before credit entries.)
1. Received $50.500 from shareholders in payment for common shares issued.
2. Purchased equipment for $91,000, paying $30,500 in cash and signing a bank loan for the balance.
3. Paid $1.700 for a one-year insurance policy.
4. Recorded $25,500 for services provided on account.
5. Paid salaries of $7,000.
6. Received $15,500 in cash for services provided.
7. Collected $4.500 from customers on account.
8. Received $2,500 from a new customer for services to be provided next month.
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