Transactions are first journalized and then posted to ledger accounts. In this exercise, however, ' your understanding of the relationship between the journal and the ledger is tested by asking you to study some ledger accounts and determine the joumal entries that probably were made to produce these ledger entries. The following accounts show the first six transactions of Avenson Insurance Company. Prepare a journal entry (including a written explanation) for each transaction. Cash Vehlcles Nov. 1 120,000 Nov. 8 33,600 Nov. 30 9,400 Nov. 25 12,000 Nov. 30 1,400 Land Notes Payable Nov. 8 70,000 Nov. 25 12,000 Nov. 8 95,000 Nov. 30 8,000 Bullding Accounts Payable Nov. 8 58,600 Nov. 21 480 Nov. 15 3,200 Office Equlpment' Capital Stock Nov. 15 3,200 Nov. 21 480. Nov. 1 120,000

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