Transactions for Tom Petty Company for the Month of October

question 72

Essay

Transactions for Tom Petty Company for the month of October are presented below. Journalize each transaction and identify each transaction by number. You may omit journal explanations.
1. Invested $40,000 cash in the business in exchange for stock.
2. Purchased land costing $28,000 for cash.
3. Purchased equipment costing $15,000 for $3,000 cash and the remainder on credit.
4. Purchased supplies on account for $800.
5. Paid $1,000 for a one-year insurance policy.
6. Received $3,000 cash for services performed.
7. Received $4,000 for services previously performed on account.
8. Paid wages to employees for $2,500.
9. Paid dividends of $2,000.

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Definitions:

Neural Functioning

The operation and activities of neurons, including the transmission of electrical and chemical signals within the brain and throughout the nervous system.

Echoic Memories

A form of sensory memory that retains auditory information for a short period of time.

Implicit Memory

Memory that allows individuals to perform tasks without conscious awareness of these previous experiences.

Explicit Memory

Memory of facts and experiences that one can consciously know and declare.