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:

Par

The nominal or face value of a bond, share, or other financial instrument, typically the value at which it is issued.

Bond Interest

The amount of interest paid by bond issuers to bondholders, typically expressed as an annual percentage of the bond's face value.

Interest Payment Date

The specific dates on which interest payments on a bond or loan are made to bondholders or lenders.

Bankruptcy

A legal proceeding involving a person or business that is unable to repay outstanding debts.