Reference no: EM133124307

Question - Journalize the following business transactions in proper general journal form.

Identify each transaction by its number. You do not need to provide explanations for the journal entries.

1. Stockholders invested $170,000 cash for the purpose of starting a custom car painting business -- operating as a corporation.

2. Purchased $1,450 of shop supplies on credit.

3. Purchased shop equipment for $42,000, by paying $17,000 in cash for a down payment, and by signing a note payable due in one year in the amount of $25,000 to cover the balance of the purchase price.

4. Completed a custom car classic painting job and billed the customer $7,000.

5. Paid $3,500 in cash for the current month's rent on the shop.

6. Paid $700 cash on account, for the shop supplies purchased in #2 above.

7. Received a bill for $1,000 for advertising during the current month.

8. Paid $3,500 cash for shop employee wages.

9. Paid $1,200 cash dividends to stockholders.

10. Received a check for $7,000 as payment in full for the custom car classic paint job billed in # 4 above.