Journalize the business transactions in general journal

Question

Journalize the following business transactions in general journal form. Identify each transaction by number. You may omit explanations of the transactions.

1. Received $50,000 from stockholders.

2. Purchased equipment for $75,000, paying $15,000 in cash and giving a note payable for the remainder.

3. Paid $3,000 rent for the month.

4. Recorded $12,500 of services provided on account.

5. Paid wages of $9,500.

6. Received $7,000 in cash for services provided.

7. Collected $2,000 from customers on account.

Answer 1

As the given assignment which is describe about to business transactions in general journal form Journalize the subsequent business transactions in general journal form. Recognize each transaction via number. You might omit justifications of the transactions. i. Received $50,000 from stockholders. ii. Purchased equipment for $75,000, paying $15,000 in cash and giving a note payable for the remainder. iii. Paid $3,000 rent for the month. iv. Recorded $12,500 of services provided on account. v. Paid wages of $9,500. vi. Received $7,000 in cash for services provided. vii. Collected $2,000 from customers on account.