Question
PROBLEM #1: Journalize the following business transactions in general journal form. Identify each transaction by number. You may omit explanations of the transactions. 1. Stockholders
PROBLEM #1:
Journalize the following business transactions in general journal form. Identify each transaction
by number. You may omit explanations of the transactions.
1.
Stockholders invest $25,000 in cash in starting a real estate office operating as a
corporation.
2.
Purchased $500 of supplies on credit.
3.
Purchased equipment for $15,000, paying $3,500 in cash and signed a 30-day, $11,500,
note payable.
4.
Real estate commissions billed to clients amount to $4,000.
5.
Paid $700 in cash for the current month's rent.
6.
Paid $250 cash on account for office supplies purchased in transaction 2.
7.
Received a bill for $800 for advertising for the current month.
8.
Paid $2,500 cash for office salaries.
9.
Paid $1,200 cash dividends to stockholders.
10.
Received a check for $2,000 from a client in payment on account for commissions billed
in transaction 4.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started