**Transaction Journal**Using the chart of accounts provided on the journal page, journalize the following transactions. Omit journal entry memos. Proper journal formatting is required. Not all accounts provided in the chart of accounts will be used.a. Transferred cash from a personal bank account in exchange for stock, $50,000.b. Purchased $10,000 of Office Equipment by paying $2,000 in cash and the rest on account.c. Recorded services provided to clients on account, $5,000. (Hint: new revenue)d. Purchased supplies on account, $1,000.e. Paid cash for utility use, $2,000.f. Received cash from clients on account, $3,000. (Hint: NOT new revenue)g. Paid cash for three months insurance in advance, $6,000.h. Paid cash to creditors on account, $1,000.i. Received cash from clients for services provided, $5,000. (Hint: new revenue)j. Paid cash dividends to stockholders, $4,000.

Journal Entry: Journal entry has two effects for every transaction. The journal entry is passed by…

Transaction Journal Using the chart of accounts provided on the journal page, journalize the following transactions. Omit journal entry memos. Proper journal formatting is required. Not all accounts provided in the chart of accounts will be used. a Transferred cash from a personal bank account in exchange for stock, $50,000. Purchased $10,000 of Office Equipment by paying $2,000 in Cash and the rest on account. Recorded services provided to clients on account, $5,000. (hint: new revenue) C d Purchased Supplies on account, $1,000.

Transaction Journal Using the chart of accounts provided on the journal page, journalize the following transactions. Omit journal entry memos. Proper journal formatting is required. Not all accounts provided in the chart of accounts will be used. a Transferred cash from a personal bank account in exchange for stock, $50,000. Purchased $10,000 of Office Equipment by paying $2,000 in Cash and the rest on account. Recorded services provided to clients on account, $5,000. (hint: new revenue) C d Purchased Supplies on account, $1,000.

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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