Record the Following Selected Transactions for April in a Two-Column

question 150

Essay

Record the following selected transactions for April in a two-column journal, identifying each entry by letter:
(a)Received $18,000 from Katie Long, owner.
(b)Purchased equipment for $27,000, paying $10,000 in cash and giving a note payable for the remainder.
(c)Paid $2,300 for rent for April.
(d)Purchased $1,500 of supplies on account.
(e)Recorded $9,800 of fees earned on account.
(f)Received $7,500 in cash for fees earned.
(g)Paid $1,200 to creditors on account.
(h)Paid wages of $3,425.
(i)Received $7,900 from customers on account.
(j)Recorded owner's withdrawal of $1,875.

---

Definitions:

Total Revenues

The total amount of income generated by the sale of goods or services related to the company's primary operations.

Least Elastic Supply

A situation in the market where the supply of a product or service is least responsive to changes in price.

Midpoint Method

A technique used in economics to calculate the elasticity of demand or supply by averaging the start and end points of a range.

Drug Interdiction

The policy or practice of preventing the importation, trafficking, and use of illegal drugs by enforcement or military means.