Essay
Journalize the following business transactions in general journal form. Identify each transaction by number. You may omit explanations of the transactions.
1. Received $35,000 cash as investment from Roche Stone, the company's owner.
2. Purchased equipment for $50,000, paying $15,000 in cash and giving a note payable for the remainder.
3. Paid $3,000 for a one-year insurance policy.
4. Billed customers for $12,500 of services provided on account.
5. Paid monthly rent of $1,500.
6. Performed $7,000 of services and immediately received $7,000 cash.
7. Collected $2,000 from customers on account.
8. Hired a secretary.
9. Paid the secretary his first week's salary of $500.
Correct Answer:
Verified
Correct Answer:
Verified
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