Journalize Transactions Galle Inc. entered into the following transactions during January. January 1: Borrowed $151,000 from First Street Bank by signing a note payable. January 4: Purchased $25,000 of equipment for cash. January 6: Paid $500 to landlord for rent for January. January 15: Performed services for customers on account, $4,500. January 25: Collected $3,000 from customers for services performed in Transaction d. January 28: Purchased land for $260,000 by paying $11,000 cash and obtaining a loan for the balance. January 30: Paid salaries of $8,000 for the current month. Required: Prepare journal entries for the transactions. If an amount box does not require an entry, leave it blank. Jan. 1 Accounts ReceivableCashNotes PayableNotes ReceivableService RevenueAccounts Receivable Accounts Receivable Accounts Receivable Accounts ReceivableCashEquipmentNotes PayableNotes Receivable - Select - - Select - 4 Accounts PayableAccounts ReceivableCashEquipmentService Revenue - Select - - Select - Accounts PayableAccounts ReceivableCashEquipmentService Revenue - Select - - Select - 6 Accounts PayableCashRent ExpenseRent PayableRent Revenue - Select - - Select - Accounts PayableCashRent ExpenseRent PayableRent Revenue - Select - - Select - 15 Accounts PayableAccounts ReceivableCashNotes PayableService Revenue - Select - - Select - Accounts PayableAccounts ReceivableCashNotes PayableService Revenue - Select - - Select - 25 Accounts PayableAccounts ReceivableCashNotes PayableService Revenue - Select - - Select - Accounts PayableAccounts ReceivableCashNotes PayableService Revenue - Select - - Select - 28 Accounts PayableCashLandNotes PayableService Revenue - Select - - Select - Accounts PayableAccounts ReceivableCashLandService Revenue - Select - - Select - Accounts PayableAccounts ReceivableLandNotes PayableService Revenue - Select - - Select - 30 Accounts ReceivableCashNotes PayableSalaries ExpenseWages Payable - Select - - Select - Accounts ReceivableCashNotes PayableSalaries ExpenseWages Payable - Select - - Select -

Journalize Transactions Galle Inc. entered into the following transactions during January. January 1: Borrowed $151,000 from First Street Bank by signing a note payable. January 4: Purchased $25,000 of equipment for cash. January 6: Paid $500 to landlord for rent for January. January 15: Performed services for customers on account, $4,500. January 25: Collected $3,000 from customers for services performed in Transaction d. January 28: Purchased land for $260,000 by paying $11,000 cash and obtaining a loan for the balance. January 30: Paid salaries of $8,000 for the current month. Required: Prepare journal entries for the transactions. If an amount box does not require an entry, leave it blank. Jan. 1 Accounts ReceivableCashNotes PayableNotes ReceivableService RevenueAccounts Receivable Accounts Receivable Accounts Receivable Accounts ReceivableCashEquipmentNotes PayableNotes Receivable - Select - - Select - 4 Accounts PayableAccounts ReceivableCashEquipmentService Revenue - Select - - Select - Accounts PayableAccounts ReceivableCashEquipmentService Revenue - Select - - Select - 6 Accounts PayableCashRent ExpenseRent PayableRent Revenue - Select - - Select - Accounts PayableCashRent ExpenseRent PayableRent Revenue - Select - - Select - 15 Accounts PayableAccounts ReceivableCashNotes PayableService Revenue - Select - - Select - Accounts PayableAccounts ReceivableCashNotes PayableService Revenue - Select - - Select - 25 Accounts PayableAccounts ReceivableCashNotes PayableService Revenue - Select - - Select - Accounts PayableAccounts ReceivableCashNotes PayableService Revenue - Select - - Select - 28 Accounts PayableCashLandNotes PayableService Revenue - Select - - Select - Accounts PayableAccounts ReceivableCashLandService Revenue - Select - - Select - Accounts PayableAccounts ReceivableLandNotes PayableService Revenue - Select - - Select - 30 Accounts ReceivableCashNotes PayableSalaries ExpenseWages Payable - Select - - Select - Accounts ReceivableCashNotes PayableSalaries ExpenseWages Payable - Select - - Select -

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 Transactions

Galle Inc. entered into the following transactions during January.

January 1: Borrowed $151,000 from First Street Bank by signing a note payable.

January 4: Purchased $25,000 of equipment for cash.

January 6: Paid $500 to landlord for rent for January.

January 15: Performed services for customers on account, $4,500.

January 25: Collected $3,000 from customers for services performed in Transaction d.

January 28: Purchased land for $260,000 by paying $11,000 cash and obtaining a loan for the balance.

January 30: Paid salaries of $8,000 for the current month.

Required:

Prepare journal entries for the transactions. If an amount box does not require an entry, leave it blank.

Jan. 1	Accounts ReceivableCashNotes PayableNotes ReceivableService RevenueAccounts Receivable	Accounts Receivable	Accounts Receivable
	Accounts ReceivableCashEquipmentNotes PayableNotes Receivable	- Select -	- Select -
4	Accounts PayableAccounts ReceivableCashEquipmentService Revenue	- Select -	- Select -
	Accounts PayableAccounts ReceivableCashEquipmentService Revenue	- Select -	- Select -
6	Accounts PayableCashRent ExpenseRent PayableRent Revenue	- Select -	- Select -
	Accounts PayableCashRent ExpenseRent PayableRent Revenue	- Select -	- Select -
15	Accounts PayableAccounts ReceivableCashNotes PayableService Revenue	- Select -	- Select -
	Accounts PayableAccounts ReceivableCashNotes PayableService Revenue	- Select -	- Select -
25	Accounts PayableAccounts ReceivableCashNotes PayableService Revenue	- Select -	- Select -
	Accounts PayableAccounts ReceivableCashNotes PayableService Revenue	- Select -	- Select -
28	Accounts PayableCashLandNotes PayableService Revenue	- Select -	- Select -
	Accounts PayableAccounts ReceivableCashLandService Revenue	- Select -	- Select -
	Accounts PayableAccounts ReceivableLandNotes PayableService Revenue	- Select -	- Select -
30	Accounts ReceivableCashNotes PayableSalaries ExpenseWages Payable	- Select -	- Select -
	Accounts ReceivableCashNotes PayableSalaries ExpenseWages Payable	- Select -	- Select -

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