Journalize the transactions. Proper journal formatting is required: List all Debits of each transaction first with the Account Name left-aligned. List Credits of each transaction next with the Account Name indented. 4 5 Skip lines between transactions. Don't include descriptions. Don't use S. Date GENERAL JOURNAL Description Post ref Debit Page Credit
Journalize the transactions. Proper journal formatting is required: List all Debits of each transaction first with the Account Name left-aligned. List Credits of each transaction next with the Account Name indented. 4 5 Skip lines between transactions. Don't include descriptions. Don't use S. Date GENERAL JOURNAL Description Post ref Debit Page Credit
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
1
![Cash
Accounts I
Supplies
Inventory
Prepaid In:
Prepaid Re
Office Equ
Accumulat
Accounts I
Notes Paya
Unearned]
Chart of Accounts
Common Stock
Retained Earnings
Dividends
Fees Earned
Sales
Cost of Goods Sold
Depreciation Expense
Insurance Expense
Rent Expense
Supplies Expense
Utility Expense
Wages Expense
M4 Engineering began operations in January of 2020. M4 Engineering provides
structural engineering services to local these parks.
Listed below are some transaction from the first quarter of 2020.
a) On January 1, the owners deposited $200,000 into the business bank account in exchange for
Common Stock.
b) On January 2, M4 Engineering signed a 1-year lease for an office building in Long Beach. The
owner required the rent for the year be paid in advance. M4 Engineering gave the landlord a check
for $30,000.
c) On January 5, M4 Engineering signed a $75,000 contract to provide engineering services beginning
on April 1.
d) On January 31, M4 Engineering bought $7,500 of office supplies on account.
e) On February 10, M4 Engineering paid the utility bills of $300.
f) On February 15, M4 Engineering bought computers and other Office Equipment on account for
$20,000.
g) On February 28, M4 Engineering received $50,000 advance payment for work that will begin
on April 1.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F39618134-6ceb-48ac-ab5a-e0c16873beed%2F4f6bafaa-f391-452f-9830-590a9eb8ab69%2F1cn7rok_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Cash
Accounts I
Supplies
Inventory
Prepaid In:
Prepaid Re
Office Equ
Accumulat
Accounts I
Notes Paya
Unearned]
Chart of Accounts
Common Stock
Retained Earnings
Dividends
Fees Earned
Sales
Cost of Goods Sold
Depreciation Expense
Insurance Expense
Rent Expense
Supplies Expense
Utility Expense
Wages Expense
M4 Engineering began operations in January of 2020. M4 Engineering provides
structural engineering services to local these parks.
Listed below are some transaction from the first quarter of 2020.
a) On January 1, the owners deposited $200,000 into the business bank account in exchange for
Common Stock.
b) On January 2, M4 Engineering signed a 1-year lease for an office building in Long Beach. The
owner required the rent for the year be paid in advance. M4 Engineering gave the landlord a check
for $30,000.
c) On January 5, M4 Engineering signed a $75,000 contract to provide engineering services beginning
on April 1.
d) On January 31, M4 Engineering bought $7,500 of office supplies on account.
e) On February 10, M4 Engineering paid the utility bills of $300.
f) On February 15, M4 Engineering bought computers and other Office Equipment on account for
$20,000.
g) On February 28, M4 Engineering received $50,000 advance payment for work that will begin
on April 1.
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Journalize the transactions.
Proper journal formatting is required:
List all Debits of each transaction first with the Account Name left-aligned.
List Credits of each transaction next with the Account Name indented.
Skip lines between transactions.
Don't include descriptions.
Don't use S.
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GENERAL JOURNAL
Description
Post ref
Debit
Page
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Expert Solution
Step 1
In the initial step of accounting process, first transactions are recorded in form of journal entries. Under journal entries, atleast one account to be debited and atleast one account to be credited. This is based on rules of debit and credit.
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