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:

Patriarchy

A social system in which men hold primary power and predominate in roles of political leadership, moral authority, and control of property.

Political Power

The ability or capacity of a political entity, like an individual or an organization, to influence the actions, beliefs, or conduct of others, typically in a political context.

Gender Identities

The personal sense of one's own gender, which may or may not correspond with the sex assigned at birth, and can be influenced by personal choice, societal norms, and cultural factors.

Class Distinctions

Describes the divisions within society based on socio-economic status, often influencing an individual's opportunities, lifestyle, and social interactions.