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Accounting

Journalizing Transactions

Record each of the following transactions in Gagon's general journal.

1. Issued capital stock for $75,000 cash.

2. Borrowed $35,000 from a bank. Signed a note to secure the debt.

3. Paid salaries and rent of $45,500 and $3,600, respectively.

4. Purchased inventory from a supplier on credit for $4,500.

5. Paid the supplier for the inventory purchased in (4) above.

6. Sold inventory that cost $850 for $1,350 on credit.

7. Collected $1,350 from customers on transaction (6) above.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9276569

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