Prepare the journal entries, Accounting Basics

Prepare the Journal Entries

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 real estate company 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 real estate commissions.

  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 commissions billed in transaction 6.

 Required:

Prepare the journal entries to record the above transactions.

 

Posted Date: 2/15/2013 5:49:35 AM | Location : United States







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