Transactions for the Triple H Services Company for the Month

question 147

Essay

Transactions for the Triple H Services company for the month of November are presented below:
1. Henry Highhat invested an additional $36,000 cash in the business.
2. Purchased land costing $18,000 for cash.
3. Purchased equipment costing $15,000 for $4,500 cash and the remainder on account.
4. Purchased supplies on account for $800.
5. Paid $3,000 for a one-year insurance policy.
6. Received $2,000 cash for services performed.
7. Received $4,000 for services previously performed on account.
8. Paid wages to employees for $2,500.
9. Paid $400 to Henry Highhat, the company's owner.
Instructions
Journalize each transaction and identify each transaction by number. You may omit journal explanations.

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Definitions:

TPS

An organizational Transaction Processing System operates as an information system that engages in the collection, storage, alteration, and retrieval of transaction activities.

Inventory Management

The practice of ordering, storing, using, and selling a company's inventory, which includes both raw materials and finished goods.

Quickbooks

An accounting software package developed by Intuit, designed for small and medium-sized businesses, offering on-premises accounting applications as well as cloud-based versions.

Interorganizational

Pertaining to the relationships or interactions between different organizations.