1. The company paid $8,000 cash for payment on a 4-month-old account payable for office supplies.
2. The company paid $1,100 cash for the just completed two-week salary of the receptionist.
3. The company paid $42,000 cash for equipment purchased.
4. The company paid $300 cash for this months utilities.
5. The owner, B. Valdez, withdrew $2,000 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.