Question

Journalize the following business transactions in general journal form. Identify each transaction by number. You may omit explanations of the transaction. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

1.		Stockholders invest $50,000 in cash in starting a real estate office operating as a corporation.
2.		Purchased $550 of supplies on credit.
3.		Purchased equipment for $22,500, paying $3,100 in cash and signed a 30-day, $19,400, note payable.
4.		Real estate commissions billed to clients amount to $4,200.
5.		Paid $600 in cash for the current month's rent.
6.		Paid $275 cash on account for office supplies purchased in transaction 2.
7.		Received a bill for $750 for advertising for the current month.
8.		Paid $2,100 cash for office salaries.
9.		Paid $1,200 cash dividends to stockholders.
10.		Received a check for $2,100 from a client in payment on account for commissions billed in transaction 4.

No	Account Titles and Explanation	Debit	Credit
1.	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
2.	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
3.	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
4.	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
5.	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
6.	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
7.	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
8.	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
9.	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
10.	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount

Answer 1

Ans:

No	Account and explanation	debit	credit
1	Cash	$50000
	Owner's capital		$50000
	(To record stockholder's investment)
2	Supplies	$550
	Account payable		$550
	(To record purchase supplies)
3	Equipment	$22500
	Cash		$3100
	Notes payable		$19400
	(To record purchase equipment)
4	Account receivable	$4200
	Service revenue		$4200
	(To record account receivable)
5	Rent expense	$600
	Cash		$600
	(To record rent paid)
6	Account payable	$275
	Cash		$275
	(To record amount paid)
7	Advertising expense	$750
	Advertising payable		$750
	(To record advertising expense)
8	Office salaries	$2100
	Cash		$2100
	(To record salaries paid)
9	Cash dividend	$1200
	Cash		$1200
	(To record dividend paid)
10	Cash	$2100
	Account receivable		$2100
	(To record amount received)