Journalize the following business transactions in general journal form. Identify each transaction by number. You may omit explanations.

1. Received $50,000 from shareholders in payment for common shares issued.

2. Purchased equipment for $90,000, paying $30,000 in cash and signing a bank loan for the balance.

3. Paid $1,200 for a one-year insurance policy.

4. Recorded $25,000 for services provided on account.

5. Paid salaries of $6,500.

6. Received $15,000 in cash for services provided.

7. Collected $4,000 from customers on account.

8. Received $2,000 from a new customer for services to be provided next month.

1.

Cash

$50,000

Accounts receivable

$50,000

Cash

$50,000

Common Shares

$50,000

2.

Equipment

$30,000

Cash

$30,000

Cash

$60,000

notes payable

$60,000

Equipment

$90,000

Cash

$30,000

Notes payable

$60,000

3.

Service revenue

$1,200

Cash

$1,200

Insurance

$1,200

Cash

$1,200

4.

Accounts receivable

$25,000

service revenue

$25,000

5.

Service revenue

$6,500

Cash

$6,500

Salary expense

$6,500

Salary payable

$6,500

6.

Cash

$15,000

Accounts receivable

$15,000

Cash

$15,000

Service revenue

$15,000

7.

Cash

$4,000

Accounts receivable

$4,000

8.

Cash

$2,000

Unearned service revenue

$2,000

Unearned service revenue

$2,000

Service revenue

$2,000

Hi, I tried doing this and have 2 variations for some entries. Thanks