Journalize the Following Business Transactions in General Journal Form

question 86

Essay

Journalize the following business transactions in general journal form. Identify each transaction by number. You may omit explanations of the transactions.
1. The owner Mai Li invests $40000 in cash in starting a real estate office operating as a sole proprietorship.
2. Purchased $500 of supplies on credit.
3. Purchased equipment for $9000 paying $4000 in cash and signed a 30-day $5000 note payable.
4. Real estate commissions billed to clients amount to $4000.
5. Paid $800 in cash for the current month's rent.
6. Paid $200 cash on account for supplies purchased in transaction 2.
7. Received a bill for $600 for advertising for the current month.
8. Paid $2500 cash for office salaries and wages.
9. Li withdrew $1800 from the business for living expenses.
10. Received a check for $2500 from a client in payment on account for commissions billed in transaction 4.

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Definitions:

Poor Countries

Nations with low levels of economic productivity, low per capita income, and generally low standards of living.

Insufficient Capital Formation

A situation where the economy or an entity fails to invest adequately in capital goods, which can limit economic growth and productivity.

Economic Growth

An increase in the capacity of an economy to produce goods and services, compared from one period of time to another, typically measured by the gross domestic product (GDP).

Import-substitution Strategies

Economic policies and practices aimed at replacing foreign imports with domestic production.