Essay
Journalize the following business transactions in general journal form. Identify each transaction by number. You may omit explanations of the transactions.
1. Jennie Beagle invests $25,000 cash to start a law firm, Legal Beagles, operating as a proprietorship.
2. Paid $2,100 cash for the first three month's rent.
3. Purchased office equipment for $10,000, paying $3,500 in cash and signed a 30-day, 5% note payable for $6,500.
4. Paid $600 cash for the purchase of office supplies.
5. Received a bill for $500 for advertising for the current month.
6. Billed $4,000 to clients for legal services.
7. Paid $200 cash on account for the advertising in transaction 5.
8. Paid $2,500 cash for office salaries.
9. Jennie withdrew $1,200 cash.
10. Received a cheque for $2,000 from a client in payment on account for services billed in transaction 6.
Correct Answer:

Verified
Correct Answer:
Verified
Q12: For transactions to be recorded correctly, debits
Q13: Basic transaction analysis is<br>A) reflected in the
Q14: All business transactions must have a corresponding
Q15: A chart of accounts does NOT include<br>A)
Q16: Preparing the trial balance is the first
Q18: After journal entries are posted, the reference
Q19: Which of the following journal entries records
Q20: The right side of an account<br>A) is
Q21: A trial balance does NOT include<br>A) account
Q22: Jim's Mountain Tours opened for business December