Answers
| Transaction | General Journal | Debit | Credit |
| a. | Cash | 25000 | |
| Equipment | 36000 | ||
| Common stock | 61000 | ||
| (To record investment) | |||
| b. | Rent expense | 1500 | |
| Cash | 1500 | ||
| (To record payment of office rent) | |||
| c. | Supplies | 11400 | |
| Accounts payable | 11400 | ||
| (To record supplies purchased on account) | |||
| d. | Merchandise inventory | 15000 | |
| Accounts payable | 15000 | ||
| (To record merchandise inventory purchased on account) | |||
| e. | Salaries expense | 3800 | |
| Cash | 3800 | ||
| (To record salaries paid) | |||
| f. | Accounts receivable | 12000 | |
| Sales revenue | 12000 | ||
| (To record credit sales) | |||
| g. | Cost of goods sold | 4800 | |
| Merchandise inventory | 4800 | ||
| (To record the cost of goods sold) | |||
| h. | Accounts payable | 12000 | |
| Cash | 12000 | ||
| (To record payment on account) | |||
| i. | Cash | 5540 | |
| Accounts receivable | 5540 | ||
| (To record collections on account) | |||
| j. | Dividends | 2500 | |
| Cash | 2500 | ||
| (To record dividend declared and paid) |
Per HOMEWORKLIB RULES the first question has been answered. Please post the remaining questions separately. Thank you.
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