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.
Prepare the journal entries to record the above transactions.