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:

Age

The duration a person has been alive or an object has been in existence.

Emotional Management

The process of recognizing, controlling, and expressing emotions in a healthy way.

Parents

Guardians or caretakers who have the responsibility of raising and nurturing a child, including biological, adoptive, or foster individuals.

Perspective Development

The process through which individuals learn to understand and consider viewpoints different from their own, critical for empathy and social interactions.