Practice Exercise: General Journal

Required: Resolve and present each transaction in the General Journal

1. The owner invests $ 43,100 in the business.

2. The business bought a piece of land for $ 6,500 (Cash).

3. The business offers services to clients for $ 7,400 (On credit).

4. Customers pay $ 4,800 to pay (decrease) the debt to the business.

5. The owner withdraws $ 300 from the business for personal use.

6. The business purchased the following: $ 10,000 in land; $ 3,000 in computer equipment; and $ 1,500 in

office team. The business paid $ 6,000 and the balance was owed.

7. Clients paid the debt with the business (Accounts Receivable).

8. The business paid the following expenses: utilities (water and electricity) - $ 201, salary - $ 899 and rent $ 510.