PROBLEM 1 (10%)

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

1. Stockholders invest $50,000 cash in the business.

2. Purchased equipment for $75,000, paying $15,000 in cash and giving a note payable for the remainder.

3. Purchased $500 of supplies on credit.

4. Real estate commissions billed to clients amount to $4,000

5. Purchased 2,000 shares of common stock for the treasury at $15 per share

No.

Account Titles

Debit

Credit

1.

2.

3.

4.

5.