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Journalize and Post Basic Transactions
Precision Grading Co

Question 118

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Journalize and post basic transactions
Precision Grading Co. was organized to grade construction sites.
* On June 1, owner Dave Precision deposited $90,000 in a new bank account opened in the name of the business in exchange for stock.
* On June 3, the company acquired grading equipment costing $89,000, paying $43,000 cash and signing a note payable for the balance.
* On June 10, the company paid $13,000 of the amount owed for equipment acquired on June 3.
Instructions: Journalize these three transactions and post to the ledger accounts. Journalize and post basic transactions Precision Grading Co. was organized to grade construction sites. * On June 1, owner Dave Precision deposited $90,000 in a new bank account opened in the name of the business in exchange for stock. * On June 3, the company acquired grading equipment costing $89,000, paying $43,000 cash and signing a note payable for the balance. * On June 10, the company paid $13,000 of the amount owed for equipment acquired on June 3. Instructions: Journalize these three transactions and post to the ledger accounts. \begin{array} { | c | c | c | c | c | } \hline &{ \text { Notes Payable } } &&&{ \text { Account No. } 40 } \\ \hline \text { Date } & \text { Explanation } & \text { Debit } & \text { Credit } & \text { Balance } \\ \hline & & & & \\ \hline \end{array} Journalize and post basic transactions Precision Grading Co. was organized to grade construction sites. * On June 1, owner Dave Precision deposited $90,000 in a new bank account opened in the name of the business in exchange for stock. * On June 3, the company acquired grading equipment costing $89,000, paying $43,000 cash and signing a note payable for the balance. * On June 10, the company paid $13,000 of the amount owed for equipment acquired on June 3. Instructions: Journalize these three transactions and post to the ledger accounts. \begin{array} { | c | c | c | c | c | } \hline &{ \text { Notes Payable } } &&&{ \text { Account No. } 40 } \\ \hline \text { Date } & \text { Explanation } & \text { Debit } & \text { Credit } & \text { Balance } \\ \hline & & & & \\ \hline \end{array} Journalize and post basic transactions Precision Grading Co. was organized to grade construction sites. * On June 1, owner Dave Precision deposited $90,000 in a new bank account opened in the name of the business in exchange for stock. * On June 3, the company acquired grading equipment costing $89,000, paying $43,000 cash and signing a note payable for the balance. * On June 10, the company paid $13,000 of the amount owed for equipment acquired on June 3. Instructions: Journalize these three transactions and post to the ledger accounts. \begin{array} { | c | c | c | c | c | } \hline &{ \text { Notes Payable } } &&&{ \text { Account No. } 40 } \\ \hline \text { Date } & \text { Explanation } & \text { Debit } & \text { Credit } & \text { Balance } \\ \hline & & & & \\ \hline \end{array}  Notes Payable  Account No. 40 Date  Explanation  Debit  Credit  Balance \begin{array} { | c | c | c | c | c | } \hline &{ \text { Notes Payable } } &&&{ \text { Account No. } 40 } \\\hline \text { Date } & \text { Explanation } & \text { Debit } & \text { Credit } & \text { Balance } \\\hline & & & & \\\hline\end{array} Journalize and post basic transactions Precision Grading Co. was organized to grade construction sites. * On June 1, owner Dave Precision deposited $90,000 in a new bank account opened in the name of the business in exchange for stock. * On June 3, the company acquired grading equipment costing $89,000, paying $43,000 cash and signing a note payable for the balance. * On June 10, the company paid $13,000 of the amount owed for equipment acquired on June 3. Instructions: Journalize these three transactions and post to the ledger accounts. \begin{array} { | c | c | c | c | c | } \hline &{ \text { Notes Payable } } &&&{ \text { Account No. } 40 } \\ \hline \text { Date } & \text { Explanation } & \text { Debit } & \text { Credit } & \text { Balance } \\ \hline & & & & \\ \hline \end{array}

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