The company paid $2,000 cash for payment on a 6-month-old account payable for office supplies.

The company paid $1,200 cash for the just completed two-week salary of the receptionist.

The company paid $39,000 cash for equipment purchased.

The company paid $800 cash for this months utilities.

The owner, B. Valdez, withdrew $4,500 cash from the company for personal use.

1. Prepare general journal entries for the above transactions of Valdez Services. 2. Listed below are three reasons why a transaction would not result in an expense. Match each of the reasons to the transaction it properly describes.