Journalize the following business transactions in general journal form. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.) 1. The owner, Mai Li, invests $36,000 in cash in starting a real estate office operating as a sole proprietorship. 2 Purchased $450 of supplies on credit. 3. Purchased equipment for $8,100, paying $3,600 in cash and signed a 30-day, $4,500, note payable. 4. Real estate commissions billed to clients amount to $3.600. 5. Paid $720 in cash for the current month's rent. 6. Paid $180 cash on account for supplies purchased in transaction 2. 7. Received a bill for $540 for advertising for the current month. 8. Paid $2,250 cash for office salaries and wages. 9 Li withdrew $1.620 from the business for living expenses. 10. Received a check for $2.250 from a client in payment on account for commissions billed in transaction 4.
Journalize the following business transactions in general journal form. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.) 1. The owner, Mai Li, invests $36,000 in cash in starting a real estate office operating as a sole proprietorship. 2 Purchased $450 of supplies on credit. 3. Purchased equipment for $8,100, paying $3,600 in cash and signed a 30-day, $4,500, note payable. 4. Real estate commissions billed to clients amount to $3.600. 5. Paid $720 in cash for the current month's rent. 6. Paid $180 cash on account for supplies purchased in transaction 2. 7. Received a bill for $540 for advertising for the current month. 8. Paid $2,250 cash for office salaries and wages. 9 Li withdrew $1.620 from the business for living expenses. 10. Received a check for $2.250 from a client in payment on account for commissions billed in transaction 4.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education