Journalize and Post Basic Transactions

question 25

Essay

Journalize and post basic transactions
Geller Landscaping was organized on April 5 when the corporation issued 20,000 shares of capital stock to Larry Geller in exchange for $60,000 cash.
* On April 8, the business acquired gardening equipment by paying cash of $26,000 and signing a $20,000 note payable, due in four monthly installments of $5,000 each, beginning on April 15.
* On April 15, Larry Geller made the first payment on the note payable by writing a check from the business bank account.
Instructions: Journalize these three transactions and post to the ledger accounts.

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Definitions:

Referential Integrity

In a relational database, a condition where, for each value in the foreign key table, there’s a corresponding value in the primary key table.

Foreign Key

In a relational database, the common field between tables that’s not the primary key.

Primary Key

A unique identifier for each record in a database table, used to ensure data integrity.

Default Value

The value a database automatically uses for a field unless the user enters another value.