Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Journalize the following business transactions in general journal form. Identify each transaction by number. You must give the explanations of each transaction 1. The owner,

image text in transcribed
Journalize the following business transactions in general journal form. Identify each transaction by number. You must give the explanations of each transaction 1. The owner, Ali, invests $100,000 in cash in starting a real estate office operating proprietorship 2. Purchased computer for $8,000 paying $4,000 in cash and balance. signed a 30-day, note payable for the 3. Paid $600 in cash for the current month's rent. 4. Purchased $800 supplies on credit. 5. Paid $800 cash on account for office supplies purchased in transaction 4. 6. Real estate commissions billed to customers amount to $2,500. 7. Received a bill from the advertising agency $600 for advertising for the current month. 8. Received cash for $2,500 from a client in payment on account for commissions billed in transaction 6. 9. Paid $1,000 cash for officer's salaries 1 10. Ali withdrew S 1500 from the business for personal expenses

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Internal Auditors For Stock Brokers

Authors: National Institute Of Securities Markets (NISM)

1st Edition

9350717581, 978-9350717585

More Books

Students also viewed these Accounting questions

Question

5. Understand how cultural values influence conflict behavior.

Answered: 1 week ago

Question

8. Explain the relationship between communication and context.

Answered: 1 week ago