Prepare General Journal Entries for the Following Business Transactions

question 8

Essay

Prepare general journal entries for the following business transactions
Identify each transaction by date. Explanations and posting reference are not required.
Dec 1. Received $35,000 cash for issuing common shares.
2. Purchased machinery for $50,000, paying $15,000 in cash and giving
a note payable for the remainder.
10. Paid $3,000 for a one-year insurance policy.
11. Billed customers for $21,500 of services provided on account.
15. Paid monthly rent of $2,500.
16. Performed $17,000 of services and immediately received $7,000 cash.
22. Hired an administrative assistant. Weekly wages are $750 per week.
25. Collected $8,000 from customers on account.
31. Paid the administrative assistant the first week's salary.

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Definitions:

Brand Community

A specialized group of consumers with a structured set of relationships involving a particular brand, fellow customers of that brand, and the product in use.

Structured Relationships

Deliberately established connections and interactions with defined roles and expectations, often formalized through agreements or contracts.

Fellow Customers

Fellow customers refer to other buyers within the same market or business environment, often influenced by or influencing one's purchasing decisions.

Marketing Efforts

Collective activities or initiatives taken by an organization to promote and sell its products or services.