Journalize the Following Business Transactions in General Journal Form

question 17

Essay

Journalize the following business transactions in general journal form. Identify each transaction by number. You may omit explanations of the transactions.
1. Jennie Beagle invests $25,000 cash to start a law firm, Legal Beagles, operating as a proprietorship.
2. Paid $2,100 cash for the first three month's rent.
3. Purchased office equipment for $10,000, paying $3,500 in cash and signed a 30-day, 5% note payable for $6,500.
4. Paid $600 cash for the purchase of office supplies.
5. Received a bill for $500 for advertising for the current month.
6. Billed $4,000 to clients for legal services.
7. Paid $200 cash on account for the advertising in transaction 5.
8. Paid $2,500 cash for office salaries.
9. Jennie withdrew $1,200 cash.
10. Received a cheque for $2,000 from a client in payment on account for services billed in transaction 6.

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Definitions:

Alcohol Dehydrogenase

A liver enzyme that metabolizes alcohol into aldehyde.

Aldehyde Dehydrogenase

An enzyme that converts aldehyde to acetic acid.

Metabolism

The chemical processes that occur within a living organism in order to maintain life, involving the conversion of food to energy, elimination of nitrogenous wastes, and the synthesis of necessary compounds.

Legal Age

A defined age at which an individual is granted by law the rights and responsibilities of an adult.