Journalize the Following Business Transactions in General Journal Form

question 172

Essay

Journalize the following business transactions in general journal form. Identify each transaction by number. You may omit explanations of the transaction.
1. Kevin Diaz invested $40,000 cash in exchange for ordinary shares.
2. Hired an employee to be paid $400 per week, starting tomorrow.
3. Paid two years' rent in advance, $7,200.
4. Paid the worker's weekly salary.
5. Recorded revenue earned and received for the week, $1,500.

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Definitions:

Epiphyseal Plates

Growth plates located at the ends of long bones where new bone growth occurs in children and adolescents.

Intervertebral Disks

Cartilaginous pads situated between the vertebrae in the spine, acting as shock absorbers and allowing flexibility.

Fontanelles

Soft spots on a baby's head where the skull bones have not yet fused, allowing for growth of the brain.

Sternocostal Joint

Joints between the sternum and the costal cartilages of the true ribs, allowing for the expansion and contraction of the chest during breathing.