Question 5(7 marks)

Journalise the following business transactions in general journal form. Identify each transaction by number.

1. Received $35,000 from shareholders.

2. Purchased equipment for $45,000, paying $15,000 in cash and giving a promissory note payable for the remainder.

3. Paid $3,000 rent for the month.

4. Recorded $12,500 of services provided on account.

5. Paid wages of $7,500.

6. Received $7,000 in cash for services provided.

7. Collected $2,000 from customers on account

HOLMES INSTITUTE Question 5 (7 marks) Journalise the following business transactions in general journal form. Identify each transaction by number. 1. Received $35,000 from shareholders. 2. Purchased equipment for $45,000, paying $15,000 in cash and giving a promissory note payable for the remainder. 3. Paid $3,000 rent for the month. 4. Recorded $12,500 of services provided on account. 5. Paid wages of $7,500. 6. Received $7,000 in cash for services provided. 7. Collected $2,000 from customers on account