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Problem 4 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.

Problem 4 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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Problem 4 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:Problem 4 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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