Journalize the Following Business Transactions in General Journal Form

question 86

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 Mai Li invests $40000 in cash in starting a real estate office operating as a sole proprietorship.
2. Purchased $500 of supplies on credit.
3. Purchased equipment for $9000 paying $4000 in cash and signed a 30-day $5000 note payable.
4. Real estate commissions billed to clients amount to $4000.
5. Paid $800 in cash for the current month's rent.
6. Paid $200 cash on account for supplies purchased in transaction 2.
7. Received a bill for $600 for advertising for the current month.
8. Paid $2500 cash for office salaries and wages.
9. Li withdrew $1800 from the business for living expenses.
10. Received a check for $2500 from a client in payment on account for commissions billed in transaction 4.

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Definitions:

Falsifiable

A criterion for a scientific hypothesis, indicating that it can be disproved by experimental or observational evidence.

Many Assumptions

The use of multiple unverified beliefs or hypotheses as the basis for decision-making or reasoning.

Burden of Proof

The obligation on a party in a dispute to provide sufficient evidence to support their claims, typically resting on the party who brings forth the case.

Convincing Evidence

Information or data that is so strong or persuasive it leads one to accept an argument or conclusion.