Journalize the following business transactions in general journal form. Identify each transaction by number. (If no entry is required, selec "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before credit entries.) 1. 2. 3. 4. 5. 6. 7. 3. Received $50,200 from shareholders in payment for common shares issued. Purchased equipment for $90,400, paying $30,200 in cash and signing a bank loan for the balance. Paid $1,400 for a one-year insurance policy. Recorded $25,200 for services provided on account. Paid salaries of $6,700. Received $15,200 in cash for services provided. Collected $4,200 from customers on account. Received $2,200 from a new customer for services to be provided next month.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Journalize the following business transactions in general journal form. Identify each transaction by number. (If no entry is required, select
"No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not
indent manually. List all debit entries before credit entries.)
1.
2.
3.
4
5.
6.
8.
Received $50,200 from shareholders in payment for common shares issued.
Purchased equipment for $90,400, paying $30,200 in cash and signing a bank loan for the balance.
Paid $1,400 for a one-year insurance policy.
Recorded $25,200 for services provided on account.
Paid salaries of $6,700.
Received $15,200 in cash for services provided.
Collected $4,200 from customers on account.
Received $2,200 from a new customer for services to be provided next month.
Account Titles and Explanation
Show Transcribed Text
Debit
1
Credit
Transcribed Image Text:Journalize the following business transactions in general journal form. Identify each transaction by number. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before credit entries.) 1. 2. 3. 4 5. 6. 8. Received $50,200 from shareholders in payment for common shares issued. Purchased equipment for $90,400, paying $30,200 in cash and signing a bank loan for the balance. Paid $1,400 for a one-year insurance policy. Recorded $25,200 for services provided on account. Paid salaries of $6,700. Received $15,200 in cash for services provided. Collected $4,200 from customers on account. Received $2,200 from a new customer for services to be provided next month. Account Titles and Explanation Show Transcribed Text Debit 1 Credit
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