Recording Transactions in General Journal
Enter the Following Transactions in the Two-Column

question 112

Essay

Recording transactions in general journal
Enter the following transactions in the two-column journal of Festive Parties Limited Include a brief explanation of the transaction as part of each journal entry.
June $\quad$ 2 $\quad$ Collected an account receivable of $\$ 860$ from a customer, East Limited
$\quad$ $\quad$ 5 $\quad$ $\quad$ Issued a check for $\$ 430$ in full payment of an account payable to North Limited
$\quad$ $\quad$ 9 $\quad$ $\quad$ Borrowed $\$ 12,000$ cash from the bank by signing a 120 -day note payable.
$\quad$ $\quad$ 12 $\quad$ $\quad$ Issued an additional 3,000 shares of share capital in exchange for $\$ 45,000$ cash.
$\quad$ $\quad$ 15 $\quad$ $\quad$ Purchased equipment for the business. The pricewas $\$ 13,000$ , of which $\$ 3,000$ was paid in cash; a note payable was issued for the balance.
$\quad$ $\quad$ 21 $\quad$ $\quad$ Acquired office furniture from West Company for $\$ 1,100$ on account.

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Definitions:

Interdependent Approach

A strategy or method that emphasizes the mutual reliance and cooperation among individuals or groups to achieve a common goal.

Self-Managed Teams

Groups of employees who are given the autonomy to plan, coordinate, and manage their own tasks and decisions within an organization.

Organization's Turnover

The rate at which employees leave a company and are replaced by new ones over a specific period.

Employee Attitudes

The overall feelings and opinions employees have about their workplace, which can influence their behavior and performance.