Journalize the Following Business Transactions in General Journal Form

question 75

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, Athena Lu, invests $35,000 in cash in starting a real estate office operating as a sole proprietorship.
2. Purchased $400 of office supplies on credit.
3. Purchased office equipment for $8,000, paying $2,000 in cash and signed a 30-day, $6,000, note payable.
4. Real estate commissions billed to clients amount to $4,000.
5. Paid $700 in cash for the current month's rent.
6. Paid $200 cash on account for office supplies purchased in transaction 2.
7. Received a bill for $600 for advertising for the current month.
8. Paid $2,200 cash for office salaries.
9. Lu withdrew $1,200 from the business for living expenses.
10. Received a check for $3,000 from a client in payment on account for commissions billed in transaction 4.

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Definitions:

Income

The total amount of money received by an individual or group over a specific time period, coming from various sources like wages, investments, or government assistance.

Apples

Edible fruits produced by an apple tree, characterized by their sweet taste and crisp texture, consumed worldwide.

Bananas

Edible fruits from plants of the genus Musa, commonly enjoyed worldwide and known for their nutritional value.

Utility Function

A representation in economics of how consumers rank different bundles of goods based on the level of satisfaction or utility they provide.