Journalize and Post Basic Transactions

question 25

Essay

Journalize and post basic transactions
Precision Grading Co. was organized to grade construction sites.
* On June 1, owner Dave Precision deposited $90,000 in a new bank account opened in the name of the business in exchange for stock.
* On June 3, the company acquired grading equipment costing $89,000, paying $43,000 cash and signing a note payable for the balance.
* On June 10, the company paid $13,000 of the amount owed for equipment acquired on June 3.
Instructions: Journalize these three transactions and post to the ledger accounts.

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Definitions:

Positive Statement

A statement that confirms, affirms, or expresses a positive attitude or outcome.

Hidden Negatives

Subtle or disguised expressions of refusal or disapproval.

Negative

Characterized by the absence of positivity, often involving criticism or undesirable outcomes.

Arrogant

Having or revealing an exaggerated sense of one's own importance or abilities.