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. Purchased $400 of supplies on credit. Purchased equipment for $8,000, paying $2,000 in cash and signed a 30-day, $6,000, note payable. Real estate commissions billed to clients amount to $4,000. 2. 3. 4. 5. 6. 7. 8. 9. 10. Paid $700 in cash for the current month's rent. Paid $200 cash on account for supplies purchased in transaction 2. Received a bill for $600 for advertising for the current month. Paid $2,200 cash for office salaries and wages. The company paid dividends of $1,500. Received a check for $3,000 from a client in payment on account for commissions billed in transaction 4.

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Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is