Journalize the Following Business Transactions in General Journal Form

question 111

Essay

Journalize the following business transactions in general journal form. Identify each transaction by number. You may omit explanations of the transactions.
1. Received $50,000 from stockholders.
2. Purchased equipment for $75,000, paying $15,000 in cash and giving a note payable for the remainder.
3. Paid $3,000 rent for the month.
4. Recorded $12,500 of services provided on account.
5. Paid wages of $9,500.
6. Received $7,000 in cash for services provided.
7. Collected $2,000 from customers on account.

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Definitions:

Prenatal Period

The stage of development from conception to birth, critical for physical and cognitive development.

Prospective Parents

Individuals or couples who are considering or preparing to become parents in the near future, either biologically or through adoption.

Genetic Testing

The analysis of chromosomes, genes, or gene products to identify heritable conditions or diseases in individuals or families.

Shared Environmental Effects

Factors within the environment shared by siblings that contribute to their similarities, impacting their development and traits.