Reference no: EM132651153

Transactions for Tom Petty Company for the month of October are presented below.

1. Invested $40,000 cash in the business in exchange for stock.

2. Purchased land costing $28,000 for cash.

3. Purchased equipment costing $15,000 for $3,000 cash and the remainder on credit.

4. Purchased supplies on account for $800.

5. Paid $1,000 for a one-year insurance policy.

6. Received $3,000 cash for services performed.

7. Received $4,000 for services previously performed on account.

8. Paid wages to employees for $2,500. Paid dividends of $2,000.

Problem 1: Journalize each transaction and identify each transaction by number.