Journalize, in Proper Form, the Following Transactions That Occurred During

question 102

Essay

Journalize, in proper form, the following transactions that occurred during November. Omit explanations.
November
5 Barbara invested $20,000 cash and $13,000 of equipment into her new business
10 Paid three months' rent in advance, $3,200
23 Withdrew $800 from the business
24 Billed client for services rendered, $19,500

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Definitions:

WARP

stands for Weak Axiom of Revealed Preference, a principle in consumer theory that states if a consumer prefers bundle A to bundle B when both are affordable, then the consumer will not choose B when A is affordable.

Lender

A person, organization, or entity that provides funds to others under the agreement that the funds will be repaid, typically with interest, over a specified period.

Utility-Maximizing

The process or behavior of selecting the combination of goods and services that provide the highest utility or satisfaction to an individual, given their budget constraint.

Present Value

The worth at present of a future money amount or sequences of cash flows, applying a specified rate of return.