Transactions for Tom Petty Company for the month of October are presented below. 1. Issued ordinary shares in exchange for $50,000 cash. 2. Purchased land costing $28,000 on Account. 3. Purchased equipment costing $20,000 for $3,000 cash and the remainder on credit. 5. Paid $1,000 for a one-year insurance policy. 6. Received $3,000 cash for services performed. 7. Received $4,000 from customer previously performed services on account. 8. Paid salaries to employees for $2,500. 9. Paid dividends of $1,000. 10. Received $2,000 in advance for services to be performed next month. 11. Paid $5000 to equipment purchase for accounts payable due to transaction 3 Instructions: 1- Journalize each transaction and identify each transaction by number. 2- Post to the ledger accounts. 3- Prepare a trial balance on October 30. General Journal Solve 5-1 date Account Title REF Debt Credit October 1