Transactions for Tom Petty Company for the Month of October

question 2

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. Invested $40,000 cash in the business.
2. Purchased land costing $28,000 for cash.
3. Purchased equipment costing $12,000 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 wages to employees for $2,500.
9. Petty withdrew $1,000 cash from the business.

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Definitions:

Actualizing the Self

The process of realizing or fulfilling one's talents, capabilities, and potential, forming the basis of self-actualization in humanistic psychology.

Liberal Religious Views

Religious beliefs that typically emphasize personal freedom, tolerance for diversity, and a questioning approach to traditional doctrines.

Conditions of Worth

Carl Rogers' concept referring to the standards imposed on an individual by others and by themselves, which are believed to be necessary to earn positive regard.

Fully Functioning Person

A term used by Carl Rogers to describe an individual who is living in harmony with their deepest feelings and impulses, exhibiting features such as openness to experience, trust in self, and a sense of inner freedom.