Journalize and Post Basic Transactions

question 85

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:

Performance Success

The degree to which an individual or organization achieves its objectives and meets expected standards of excellence.

Crisis

A critical or tumultuous situation that requires a decisive response.

Performance Norms

The accepted standards or expectations of performance within a group or organization.

Team Cohesiveness

the strength of the relationships and the level of commitment among team members towards their common goals.