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Journalize the following business transactions in general journal form. Identify each transaction by number. You may omit explanations of the transactions. 1. Stockholders invest $50,000 in cash to start a moving company as a corporation. 2 Purchased delivery equipment for $50,000, paying $10,000 in cash and signed a 90-day, $40,000, note payable. 3. Moving fees billed to clients amount to $25,000. 4. Paid $12,500 in salaries to employees. 5. Received checks for $15,000 from clients in partial payment on accounts billed in part 3.

Journalize the following business transactions in general journal form. Identify each transaction by number. You may omit explanations of the transactions. 1. Stockholders invest $50,000 in cash to start a moving company as a corporation. 2 Purchased delivery equipment for $50,000, paying $10,000 in cash and signed a 90-day, $40,000, note payable. 3. Moving fees billed to clients amount to $25,000. 4. Paid $12,500 in salaries to employees. 5. Received checks for $15,000 from clients in partial payment on accounts billed in part 3.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Journalize the following business transactions in general journal form. Identify each transaction by number. You may omit explanations of the transactions. 1. Stockholders invest $50,000 in cash to start a moving company as a corporation. 2 Purchased delivery equipment for $50,000, paying $10,000 in cash and signed a 90-day, $40,000, note payable. 3. Moving fees billed to clients amount to $25,000. 4. Paid $12,500 in salaries to employees. 5. Received checks for $15,000 from clients in partial payment on accounts billed in part 3.
Transcribed Image Text:Journalize the following business transactions in general journal form. Identify each transaction by number. You may omit explanations of the transactions. 1. Stockholders invest $50,000 in cash to start a moving company as a corporation. 2 Purchased delivery equipment for $50,000, paying $10,000 in cash and signed a 90-day, $40,000, note payable. 3. Moving fees billed to clients amount to $25,000. 4. Paid $12,500 in salaries to employees. 5. Received checks for $15,000 from clients in partial payment on accounts billed in part 3.
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