Transactions for Joan Jett Company for the month of October are presented below.

Question

Transactions for Joan Jett Company for the month of October are presented below. Journalize each transaction and identify each transaction by number. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Petty withdrew $2,300 cash from the business.

List of accounts:

please include all calculations

1. Invested $42,000 cash in the business. 2. Purchased land costing $28,000 for cash. 3. Purchased equipment costing $18,000 for $4,000 cash and the remainder on credit. 4. Purchased supplies on account for $800. 5. Paid $1,200 for a one-year insurance policy. 6. Received $3,500 cash for services performed. 7. Received $4,000 for services previously performed on account. 8. Paid wages to employees for $2,800. 9.

Petty withdrew $2,300 cash from the business.

No. Account Titles and Explanation Debit Credit 1. 2. 3. 4. 5. 6. 7. 8.

Explanation / Answer

Req 1 Journal entries: S.No. Accounts title and explanations Debit $ Credit $ 1 Cash account Dr. 42000     Owner's capital 42000 2 Land Account Dr. 28000     Cash account 28000 3 Equipment Account Dr. 18000     Cash account 4000     Accounts payable account 14000 4 Supplies Account Dr. 800     Accounts payable 800 5 Prepaid insurance Account Dr. 1200    Cash Account 1200 6 Cash account Dr. 3500     Service revenue account 3500 7 Accounts receivable Account Dr. 4000     Cash account 4000 8 Salaries and Wages expense Account Dr. 2800      Cash account 2800 9 Owner's Drawings Dr. 2300    Cash account 2300

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