Record the Following Selected Transactions for January in a Two-Column

question 30

Essay

Record the following selected transactions for January in a two-column journal, identifying each entry by letter:
(a) Earned $8,000 fees; customer will pay later.
(b) Purchased equipment for $50,000, paying $20,000 in cash and the remainder on credit
(c) Paid $3,000 for rent for January.
(d) Purchased $2,500 of supplies on account.
(e) A. Allen $1,000 investment in the company.
(f) Received $7,000 in cash for fees earned previously.
(g) Paid $1,500 to creditors on account.
(h) Paid wages of $6,250.
(i) Received $7,150 from customers on account.
(j) A. Allen withdrawal of $2,000.

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Definitions:

Adverse Events

Unintended and generally negative outcomes or occurrences associated with a particular process, treatment, or action.

Borrow And Lend

The process of obtaining funds (borrowing) from another party with the obligation to return the funds often with interest (lending).

Short Term Variations

Fluctuations that occur in economic variables over shorter timeframes, usually less than a year.

Regular Pattern

A consistent or predictable manner in which something occurs or is repeated over time.