Journalize Transactions for Gagon's General Journal
Not what you're looking for?
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.
Purchase this Solution
Solution Summary
The solution presents the general journal entries in good form, including descriptions for better understanding.
Solution Preview
Gagon
General Journal
Debit Credit
1 Cash 75,000
Capital Stock 75,000
To record the purchase of stock for cash
2 Cash 35,000
Note payable - bank 35,000
To record ...
Purchase this Solution
Free BrainMass Quizzes
Basics of corporate finance
These questions will test you on your knowledge of finance.
Basic Social Media Concepts
The quiz will test your knowledge on basic social media concepts.
Accounting: Statement of Cash flows
This quiz tests your knowledge of the components of the statements of cash flows and the methods used to determine cash flows.
Operations Management
This quiz tests a student's knowledge about Operations Management
Team Development Strategies
This quiz will assess your knowledge of team-building processes, learning styles, and leadership methods. Team development is essential to creating and maintaining high performing teams.