Short Answer
Transactions for Wombat Ltd for the month of October are presented below. Journalise each transaction and identify each transaction by number. You may omit journal explanations.
1. Shareholders invested an additional $36,000 cash in the business.
2. Purchased land costing $28,000 for cash.
3. Purchased equipment costing $8,000 for $4,000 cash and the remainder on credit.
4. Purchased supplies on account for $800.
5. Paid $1,000 for a one-year insurance policy.
6. Received $2,000 cash for services performed.
7. Received $4,000 for services previously performed on account.
8. Paid wages to employees for $2,500.
9. Paid dividends to shareholders of $400.
Correct Answer:
Verified
Correct Answer:
Verified
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