Journalize and post basic transactions
Precision Grading Co. was organized to grade construction sites.
* On June 1, owner Dave Precision deposited $90,000 in a new bank account opened in the name of the business in exchange for stock.
* On June 3, the company acquired grading equipment costing $89,000, paying $43,000 cash and signing a note payable for the balance.
* On June 10, the company paid $13,000 of the amount owed for equipment acquired on June 3.
Instructions: Journalize these three transactions and post to the ledger accounts. $$\begin{array} { | c | c | c | c | c | }
\hline &{ \text { Notes Payable } } &&&{ \text { Account No. } 40 } \
\hline \text { Date } & \text { Explanation } & \text { Debit } & \text { Credit } & \text { Balance } \
\hline & & & & \
\hline
\end{array}$$

Question

Journalize and post basic transactions
Precision Grading Co. was organized to grade construction sites.
* On June 1, owner Dave Precision deposited $90,000 in a new bank account opened in the name of the business in exchange for stock.
* On June 3, the company acquired grading equipment costing $89,000, paying $43,000 cash and signing a note payable for the balance.
* On June 10, the company paid $13,000 of the amount owed for equipment acquired on June 3.
Instructions: Journalize these three transactions and post to the ledger accounts.    $$\begin{array} { | c | c | c | c | c | } 
\hline &{ \text { Notes Payable } } &&&{ \text { Account No. } 40 } \
\hline \text { Date } & \text { Explanation } & \text { Debit } & \text { Credit } & \text { Balance } \
\hline & & & & \
\hline
\end{array}$$

Quizplus · Accepted Answer

The Answer of Journalize and post basic transactions
Precision Grading Co. was organized to grade construction sites.
* On June 1, owner Dave Precision deposited $90,000 in a new bank account opened in the name of the business in exchange for stock.
* On June 3, the company acquired grading equipment costing $89,000, paying $43,000 cash and signing a note payable for the balance.
* On June 10, the company paid $13,000 of the amount owed for equipment acquired on June 3.
Instructions: Journalize these three transactions and post to the ledger accounts.    $$\begin{array} { | c | c | c | c | c | } 
\hline &{ \text { Notes Payable } } &&&{ \text { Account No. } 40 } \
\hline \text { Date } & \text { Explanation } & \text { Debit } & \text { Credit } & \text { Balance } \
\hline & & & & \
\hline
\end{array}$$

Journalize and Post Basic Transactions Precision Grading Co

Journalize and Post Basic Transactions
Precision Grading Co