Question
Transactions for the Pharoah Company for the month of November are presented below. 1. Stockholders invested an additional $50,000 cash in the business. 2.
Transactions for the Pharoah Company for the month of November are presented below. 1. Stockholders invested an additional $50,000 cash in the business. 2. Purchased land costing $18,400 for cash. 3. Purchased equipment costing $47,000 for $4,000 cash and the remainder on credit. 4. Purchased supplies on account for $650. 5. Paid $3,500 for a one-year insurance policy. 6. Received $2,000 cash for services performed. 7. Received $4,000 for services previously performed on account. 8. Paid wages to employees for $3,100. 9. Paid dividends to stockholders of $550. Journalize each transaction and identify each transaction by number. You may omit journal explanations. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.)
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