Journalize the following business transactions in general journal form. Identify each transaction by number. You may omit explanations of the transactions.
1. The owner, Hank Williams, invested $50,000 to start a record Company operating as a sole proprietorship.
2. Received a $10,000 deposit from a customer to produce a record.
3. Purchased $15,000 of sound equipment using cash and a $10,000 loan.
4. Paid 6 months rent in advance. Monthly rent is $750.
5. Provided services for $12,500, half of which was collected in cash at the time of the sale.
6. Paid staff salaries of $3,000.
7. Paid himself $2,500.
8. Collected the remaining outstanding balance on customer accounts.
9. Paid the outstanding loan, in full, from the purchase of the sound equipment.
b. What is the cash balance that would appear on the trial balance at the end of the period?
a. Journalize the following business transactions in general journal form. Identify each transaction by number. You may omit explanations of the transactions.
Correct Answer:
Verified
View Answer
Unlock this answer now
Get Access to more Verified Answers free of charge
Q150: Listed below are the transactions for August
Q151: Journalize the following business transactions in general
Q152: Journalize the following business transactions in general
Q153: The transactions of the Make it Quick
Q154: The transactions of the Got It Now
Q156: Mike's Bike Repairs opened for business on
Q157: The transactions of the Coronation Baked Goods
Q158: Pat's Party Planning provides food service and
Q159: Journalize the following business transactions in general
Q160: Some of the following errors would cause
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents