Transactions for Joan Jett Company for the Month of October

question 148

Essay

Transactions for Joan Jett 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 $42000 cash in the business.
2. Purchased land costing $28000 for cash.
3. Purchased equipment costing $18000 for $4000 cash and the remainder on credit.
4. Purchased supplies on account for $800.
5. Paid $1200 for a one-year insurance policy.
6. Received $3500 cash for services performed.
7. Received $4000 for services previously performed on account.
8. Paid wages to employees for $2800.
9. Petty withdrew $2300 cash from the business.

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Definitions:

Paperback Novels

Books with soft covers, which are typically bound with glue rather than stitches or staples, and are a form of publication for literary works.

Bunches Of Bananas

Typically used to describe a quantity or grouping of bananas, often in economic examples to discuss market transactions involving goods.

Entire Income

Refers to the total amount of earnings received by an individual or entity from all sources in a given period.

Avocados

A nutrient-rich fruit known for its high content of healthy fats, commonly used in culinary dishes worldwide.