Transactions for Tom Petty Company for the Month of October

question 146

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. Issued ordinary shares in exchange for $50,000 cash.
2. Purchased land costing $28,000 for cash.
3. Purchased equipment costing $20,000 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 salaries to employees for $2,500.
9. Paid dividends of $1,000.

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Definitions:

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