Chapter 2, Problem 16AE

Journalizing transactions (Learning Objective 3) 15-20 min.

Using the steps outlined in the five-step transaction analysis, record the following transactions in the general journal for Gulaine Plumbing, Inc. Explanations are not required.

Dec 1	Paid interest expense, $100.
5	Purchased office furniture on account, $2,500.
10	Performed service on account for a customer, $2,900.
12	Borrowed $20,000 cash, signing a note payable.
19	Sold for $80,000 land that had cost the company $80,000.
21	Purchased building for $300,000; signed a note payable.
27	Paid $650 on account.