Question

Accounting 301 Exam #1 Print Name: Said Akkod #1 (25 points) Journalize the following business transactions in general journal form. Identify each transaction by number. You may omit explanations of the transactions 1. Stockholders invest $200,000 cash to start a real estate business operating sa corporation. 2. Purchased $1,500 of supplies on account from Staples 3. Purchased equipment for $30,000, paying $3,300 in cash and signed a one year note payable for the remaining balance. 4. Real estate commissions billed to a client amounted to $14.000 5. Paid $2,700 in cash for the current month's rent. 6. Paid $750 cash on account for office supplies purchased in transaction 2 above 7. Received a bill for $800 for advertising for the current month, payable on the 10 of next month. 8. Paid $2,500 for office salaries. 9. Paid $1,200 cash dividends to stockholders. 10. Received a check for $7,000 from a client in partial payment on account for commissions billed in transaction 4 above. Credit Debit 1. 1500 2. Supplies cash

Answer 1

2 Credit Credit Debit $2,00,000 $2,00,000 $ 22,000 $ 1,500 $ 1,500 $ 900 3. $ 30,000 Date Accounts Title Debit Apr-05 Inventory Merchandise $ 22,000 Accounts Payable - Newport Company Apr-06 Inventory Merchandise $ 900 Cash Apr-07 Equipment $ 26,000 Accounts Payable Apr-08 Accounts Payable - Newport Company | $ 2,000 Inventory Merchandise Apr-15 Accounts Payable - Newport Company | $ 19,600 Cash $ 26,000 $ $ 3,300 26,700 $ 14,000 $ 2,000 $ 14,000 (22000-2000)-20000*2% $ 2,700 $ 19,600 No Accounts Title 1. Cash Common Stock 2. Supplies Accounts Payable Equipment Cash Notes payable 4. Accounts Receivable Commission Revenue 5. Rent Expenses Cash Accounts Payable Cash Advertising Expenses Advertising Expenses payable Salaries Expenses Cash 9. Dividend Cash 10. Cash Accounts Receivable $ 2,700 $ 750 $ 750 If payment on may 4 May-04 Accounts Payable - Newport Company | $ 20,000 Cash $ 800 $ 20,000 $ 800 $ 2,500 $ 2,500 $ 1,200 $ 1,200 $ 7,000 $ 7,000