Journalize the Following Business Transactions in General Journal Form

question 153

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, Rose Wier, invests $35,000 in cash to start a real estate office operating as a sole proprietorship.
2. Purchased $400 of office supplies on credit.
3. Purchased office equipment for $6,000, paying $2,500 in cash and signed a 30-day, $3,500, note payable.
4. Real estate commissions billed to clients amounted 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 $500 for advertising for the current month.
8. Paid $2,200 cash for office salaries.
9. Rose Wier withdrew $1,200 from the business for living expenses.
10. Received a cheque for $3,000 from a client in payment on account for commissions billed in transaction 4.

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Definitions:

Person Receiving Mentoring

An individual who is guided, advised, or supported by a more experienced person in a mentorship relationship.

Mentoring Benefits

The advantages gained from a mentoring relationship, including personal and professional growth, skill development, and increased networking opportunities.

Well Prepared

The state of being adequately equipped or ready for a specific task or challenge through thorough planning and organization.

Understand Reasons

The act of comprehending the causes or motivations behind specific actions or events.