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Journalize and Post Basic Transactions
Precision Grading Co

question 118

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. $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 $13,000 of the amount owed for equipment acquired on June 3. Instructions: Journalize these three transactions and post to the ledger accounts. \begin{array} { | c | c | c | c | c | } \hline &{ \text { Notes Payable } } &&&{ \text { Account No. } 40 } \\ \hline \text { Date } & \text { Explanation } & \text { Debit } & \text { Credit } & \text { Balance } \\ \hline & & & & \\ \hline \end{array}$ $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 $13,000 of the amount owed for equipment acquired on June 3. Instructions: Journalize these three transactions and post to the ledger accounts. \begin{array} { | c | c | c | c | c | } \hline &{ \text { Notes Payable } } &&&{ \text { Account No. } 40 } \\ \hline \text { Date } & \text { Explanation } & \text { Debit } & \text { Credit } & \text { Balance } \\ \hline & & & & \\ \hline \end{array}$ $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 $13,000 of the amount owed for equipment acquired on June 3. Instructions: Journalize these three transactions and post to the ledger accounts. \begin{array} { | c | c | c | c | c | } \hline &{ \text { Notes Payable } } &&&{ \text { Account No. } 40 } \\ \hline \text { Date } & \text { Explanation } & \text { Debit } & \text { Credit } & \text { Balance } \\ \hline & & & & \\ \hline \end{array}$ $\begin{array} { | c | c | c | c | c | } \hline &{ \text { Notes Payable } } &&&{ \text { Account No. } 40 } \\\hline \text { Date } & \text { Explanation } & \text { Debit } & \text { Credit } & \text { Balance } \\\hline & & & & \\\hline\end{array}$ $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 $13,000 of the amount owed for equipment acquired on June 3. Instructions: Journalize these three transactions and post to the ledger accounts. \begin{array} { | c | c | c | c | c | } \hline &{ \text { Notes Payable } } &&&{ \text { Account No. } 40 } \\ \hline \text { Date } & \text { Explanation } & \text { Debit } & \text { Credit } & \text { Balance } \\ \hline & & & & \\ \hline \end{array}$

Definitions:

Performance Mastery

The process or act of acquiring complete knowledge or skill in a particular area or activity, leading to high levels of performance.

Verbal Persuasion

The act of using spoken words to convince or influence someone to believe or do something.

Physiological State

The condition of the body's normal biological functions at a given time, influenced by factors like genetics, age, and environmental conditions.

Social Recognition

The act of acknowledging or valuing an individual or group's status, achievements, or position within a community or society.

Journalize and Post Basic Transactions Precision Grading Co

Definitions:

Journalize and Post Basic Transactions
Precision Grading Co