Prepare general journal entries for the following business transactions
Identify each transaction by date. Explanations and posting reference are not required.
Dec 1. Received $35,000 cash for issuing common shares.
2. Purchased machinery for $50,000, paying $15,000 in cash and giving
a note payable for the remainder.
10. Paid $3,000 for a one-year insurance policy.
11. Billed customers for $21,500 of services provided on account.
15. Paid monthly rent of $2,500.
16. Performed $17,000 of services and immediately received $7,000 cash.
22. Hired an administrative assistant. Weekly wages are $750 per week.
25. Collected $8,000 from customers on account.
31. Paid the administrative assistant the first week's salary.

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The Answer of Prepare general journal entries for the following business transactions
Identify each transaction by date. Explanations and posting reference are not required.
Dec 1. Received $35,000 cash for issuing common shares.
2. Purchased machinery for $50,000, paying $15,000 in cash and giving
a note payable for the remainder.
10. Paid $3,000 for a one-year insurance policy.
11. Billed customers for $21,500 of services provided on account.
15. Paid monthly rent of $2,500.
16. Performed $17,000 of services and immediately received $7,000 cash.
22. Hired an administrative assistant. Weekly wages are $750 per week.
25. Collected $8,000 from customers on account.
31. Paid the administrative assistant the first week's salary.

Prepare General Journal Entries for the Following Business Transactions