Journalize the Following Transactions

question 66

Essay

Journalize the following transactions. You may omit the explanations and disregard the posting
reference.
A. Rick invested $21,500 into his company, Rick's Fishing, on January 11.
B. The company purchased $2,900 of furniture for cash on February 3.
C. The company paid three month's rent of $2250 and recorded it as a prepaid expense on February 9.
D. The company bought $2,300 of office fixtures and $6,200 of stock bins for $7,000 cash and the balance
on account dated March 9.
E. The company receives payment of $575 of from a customer on her bill. This transaction was on
March 12.

Recognize the significance of past consideration and its impact on contract enforceability.

Evaluate the role of quantum meruit in compensation for services rendered without a formal contract.

Understand the legal implications of accepting partial debt payments and the principle of accord and satisfaction.

Comprehend the conditions under which a gratuitous promise may become enforceable.

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Definitions:

Suicide

The act of intentionally causing one's own death, studied across disciplines to understand the underlying social, psychological, and environmental factors.

Sacred

Connected with God or dedicated to a religious purpose, deemed holy, or perceived as having a spiritual significance that merits veneration or respect.

Profane

That which is secular, not sacred, ordinary, or not regarded as religious or spiritual in nature.

Rituals

Prescribed or customary behaviors and ceremonies that hold significance within a culture or society.