Journalize the Following Business Transactions in General Journal Form

question 111

Essay

Journalize the following business transactions in general journal form. Identify each transaction by number. You may omit explanations of the transactions.
1. Received $50,000 from stockholders.
2. Purchased equipment for $75,000, paying $15,000 in cash and giving a note payable for the remainder.
3. Paid $3,000 rent for the month.
4. Recorded $12,500 of services provided on account.
5. Paid wages of $9,500.
6. Received $7,000 in cash for services provided.
7. Collected $2,000 from customers on account.

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Definitions:

Independent Variable

In an experimental setting, the variable that is manipulated or changed to observe its effects on the dependent variable.

Dependent Variable

The variable being tested and measured in a scientific experiment, which is expected to change under different conditions brought about by the independent variable.

Directed Thinking

Thinking aimed at a particular goal.

Analogical Representation

An idea that shares some of the actual characteristics of the object it represents.