Record the General Journal Entries for the Following Transactions for Stein

question 6

Essay

Record the general journal entries for the following transactions for Stein Corporation for 2013.
1) Performed services for $26,000 cash.
2) Purchased $800 of office supplies on account.
3) Purchased land for $95,000 cash.
4) Paid salary expense of $16,500.
5) Paid for $600 of the supplies purchased in event 2.
6) Collected $15,000 in advance for services to be provided over the next 12 months.
7) Recognized $10,000 of revenue on the contract from event 6.
8) Accrued $5,500 of salary expense.

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Definitions:

Freight Railroad

A type of railroad designed for the transportation of cargo, as opposed to passengers, across distances.

Revenue Management Opportunities

Strategies and practices aimed at maximizing income potential, often through dynamic pricing based on demand.

Luxury Items

High-end products or services that are considered to be unnecessary but desirable and are associated with wealth or indulgence.

Sanitary Landfill

A waste disposal site designed for the secure confinement of waste material, using engineering measures to prevent contamination of groundwater or air and minimize the area impacted by waste.