Transactions are first journalized and then posted to ledger accounts. In this exercise, however, your understanding of the relationship between the Journal and the ledger is tested by asking you to study some ledger accounts and determine the journal entries that probably were made to produce these ledger entries. The following accounts show the first six transactions of Avenson Insurance Company Land 84,280 Building 70,320 Nov. 1 Nov. 8 Nov. 8 Cash 144,000 Nov. 8 Nov. 25 Nov. 30 Office Equipment 3,840 Nov. 21 40,320 14,400 1,680 Vehicles 11,280 Nov. 15 576 Nov. 30 Nov. 25 Notes Payable 14,400 Nov. 8 Nov. 30 114,000 9,682 Accounts Payable 576 Nov. 15 Capital Stock Nov. 1 Nov. 21 3,840 144, eee Prepare a journal entry for each transaction. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the purchase of land and building, by paying $40,320 cash and issuing a note payable for the remaining balance. Note: Enter debits before credits. Date General Journal Debit Credit Nov. 8 Record entry Clear entry View general journal Record the purchase of office equipment on account. Note: Enter debits before credits. Date General Journal Debit Credit Nov. 15 Record entry Clear entry View general journal Transactions are first journalized and then posted to ledger accounts. In this exercise, however, your understanding of the relationship between the journal and the ledger is tested by asking you to study some ledger accounts and determine the journal entries that probably were made to produce these ledger entries. The following accounts show the first six transactions of Avenson Insurance Company Land 84, eee Building 70,320 Nov. 1 Nov. 8 Nov. 8 Cash 144,000 Nov. 8 Nov. 25 Nov. 30 Office Equipment 3,840 Nov. 21 40,320 14,480 1,680 Vehicles 11, 282 Nov. 15 576 Nov. 3e Nov. 25 Notes Payable 14,400 Nov. 8 Nov. 30 114,000 9,600 Accounts Payable 576 Nov. 15 Capital stock Nov. 21 3,840 Nov. 1 144, eee Prepare a journal entry for each transaction. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the payment of note payable. Note: Enter debits before credits. Date General Journal Debit Credit Nov. 25 Record entry Clear entry View general journal Transactions are first journalized and then posted to ledger accounts. In this exercise, however, your understanding of the relationship between the journal and the ledger is tested by asking you to study some ledger accounts and determine the journal entries that probably were made to produce these ledger entries. The following accounts show the first six transactions of Avenson Insurance Company Land 84, eee Building 70,320 Nov. 1 Nov. 8 Nov. 8 Cash 144,000 Nov. 8 Nov. 25 Nov. 30 Office Equipment 3,840 Nov. 21 40,320 14,400 1,680 Vehicles 11,280 Nov. 15 576 Nov. 30 Nov. 25 Notes Payable 14,400 Nov. 8 Nov. 30 114,000 9,600 Accounts Payable Nov. 15 Capital Stock Nov. 1 Nov. 21 576 3,840 144,000 Prepare a journal entry for each transaction. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet