31) 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.
32) Given the following accounts, identify which account(s), by letter, would be debited or credited for the following transactions.
A.Cash
B.Accounts Receivable
C.Supplies
D.Computer Equipment
E.Accounts Payable
F.Fees Revenue
G.Marketing Expense
H.Salaries Expense
I.Internet Expense
J.Office Equipment
K. Common Shares
L.Rent Expense
1.Purchased supplies on account.
2.Purchased computer equipment for cash.
3.Earned revenue from doing tax returns on account.
4.Paid this month’s rent.
5.Paid a bill due on account.
6.Collected payment from a customer.
7.Invested additional cash into the business.
8.Paid the marketing bill.
9.Earned revenue from doing tax returns for cash.
10.Paid salaries in cash.
11.Purchased office equipment on account.