Journalize the Following Transactions That Occurred During September

question 141

Essay

Journalize the following transactions that occurred during September. Omit explanations.
Sep. 5 S. Richman invested $4,000 cash and $100 of equipment into his new business.
10 Paid three months' rent in advance, $1,500.
23 Purchased equipment on account, $2,000.
24 Billed client for services rendered, $1,000.

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Definitions:

Reporting Entity

A reporting entity refers to any business, organization, or unit that has legal and economic responsibilities to report its financial and operational data.

Peak Load Demand

The maximum amount of power or resources required at a specific time or period.

Car Dealers

Businesses authorized to sell new or used cars and often offer maintenance services, warranty repairs, and financing options.

Rebates

Partial refunds to consumers after the purchase of a product, often used as a marketing strategy to increase sales.