Problem 4 30 points

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 in cash to start a moving company as a corporation.

2. Purchased delivery equipment for $50,000, paying $15,000 in cash and signed a 90-day, $35,000, note payable.

3.Moving fees billed to clients amount to $25,000.

4. Paid $12,500 in salaries to employees.

5. Received checks for $15,000 from clients in partial payment on accounts billed in part 3.