Journalize the Following Business Transactions in General Journal Form

question 145

Essay

Journalize the following business transactions in general journal form. Identify each transaction by number. You may omit explanations of the transactions.
1. Stockholders invest $40,000 in cash in starting a real estate office operating as a corporation.
2. Purchased $500 of supplies on credit.
3. Purchased equipment for $25,000, paying $3,500 in cash and signed a 30-day, $21,500, 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 $250 cash on account for office supplies purchased in transaction 2.
7. Received a bill for $800 for advertising for the current month.
8. Paid $2,500 cash for office salaries.
9. Paid $1,200 cash dividends to stockholders.
10. Received a check for $2,000 from a client in payment on account for commissions billed in transaction 4.

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Definitions:

Dress Boutique

A specialty retail store that focuses on selling dresses and often offers a variety of styles from casual to formal wear.

Share the Loss

A principle or agreement among parties to divide financial losses incurred from a venture, investment, or project among themselves.

RUPA

The Revised Uniform Partnership Act, legislation adopted by many states in the United States to govern the operation of partnerships.

Recognizes

To formally acknowledge or take notice of something, often legally or officially.