Reference no: EM132651149

Question 1: Journalize the following business transactions in general journal form. Identify each transaction by number.

1. The company issues stock in exchange for $40,000 cash.

2. Purchased $400 of supplies on credit.

3. Purchased equipment for $8,000. paying $2,000 in cash and signed a 30-day, $6,000, 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 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 and wages.

9. The company paid dividends of $1,500.

10. Received a check for $3,000 from a client in payment on account for commissions billed in transaction 4