turayo
Jun 27, 2007, 09:26 AM
2. Journalize the following business transactions in general journal
Form. Identify each transaction by number. You may omit
Explanations of the transactions.
1. The owner, Mike Cline, invests $35,000 in cash in starting a
Real estate office operating as a sole proprietorship.
2. Purchased $400 of office supplies on credit.
3. Purchased office equipment for $6,000, paying $2,000 in cash
And signed a 30-day, $4,000, note payable.
4. Real estate commissions billed to clients amount to $4,000.
5. Paid $700 in cash for the current month's rent.
6. Paid $200 cash on account for office supplies purchased in
Transaction 2.
7. Received a bill for $600 for advertising for the current month.
8. Paid $2,200 cash for office salaries.
9. Cline withdrew $1,200 from the business for living expenses.
10. Received a check for $3,000 from a client in payment on account
For commissions billed in transaction 4.
Form. Identify each transaction by number. You may omit
Explanations of the transactions.
1. The owner, Mike Cline, invests $35,000 in cash in starting a
Real estate office operating as a sole proprietorship.
2. Purchased $400 of office supplies on credit.
3. Purchased office equipment for $6,000, paying $2,000 in cash
And signed a 30-day, $4,000, note payable.
4. Real estate commissions billed to clients amount to $4,000.
5. Paid $700 in cash for the current month's rent.
6. Paid $200 cash on account for office supplies purchased in
Transaction 2.
7. Received a bill for $600 for advertising for the current month.
8. Paid $2,200 cash for office salaries.
9. Cline withdrew $1,200 from the business for living expenses.
10. Received a check for $3,000 from a client in payment on account
For commissions billed in transaction 4.