Journalize the Following Business Transactions in General Journal Form

question 104

Essay

Journalize the following business transactions in general journal form. Identify each transaction by number. You may omit explanations of the transactions.
1. The company issues stock in exchange for $40,000 cash
2. Purchased $400 of supplies on credit.
3. Purchased 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 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 and wages.
9. The company paid dividends of $1,500.
10. Received a check for $3,000 from a client in payment on account for commissions billed in transaction 4.

Identify and differentiate between various types of bonds based on their security, purpose, and features.

Comprehend the mechanics of futures contracts and calculate profit or loss from futures trading.

Understand the regulatory framework and insurance for financial instruments.

Recognize the importance and role of key financial rates and benchmarks in global finance.

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Definitions:

Contractual Relations

Refers to the legal bonds and obligations created between parties who enter into a contract.

Tort Liability

Legal responsibility that arises from civil wrongs causing harm or loss, not arising from contract law.

Tort Liability

Legal responsibility arising from a civil wrong or injury for which a court remedies in the form of damages.

Civil Liability

involves a legal obligation that arises in civil lawsuits as opposed to criminal proceedings, where an individual is held responsible for damages or injuries caused to another party.