Complete the following activity and save this file on your hard drive. Then submit your file to your instructor on Canvas.

Journalize each of the following transactions for the Glub Company in the month of January using the General Journal below.

Jan. 1 The owner, Barry Glub, invested $7,000 cash into the business.

Jan. 4 The company bought equipment costing $5,000 by paying $1,500 cash and signing a Note Payable for the remainder.

Jan. 9 The company bought office supplies for $600 and charged them on 30-day open account.

Jan. 12 The company bought a 2-year insurance policy for $1,200 and paid cash for it.

Jan. 15 Received a customer deposit in the amount of $1,500 cash for services to be performed in the future.

Jan. 18 Paid rent on office space, $400.

Jan. 23 Collected $3,400 from a customer for services performed today.

Jan. 23 Received electric bill for January electricity for $200. Even though the electricity has been used, this bill will NOT be paid until next month.

Jan. 30 Counted the unused portion of office supplies purchased on Jan. 9 and discovered that $200 worth had not been used yet.

Answer rating: 100% (QA)

Computation of the Journal Entries General Journal Date Account title Debit Credit Jan 1 Cash 7000 C... View the full answer