Journalize the following business transactions in general journal form. Identify each transaction by number. You may omit explanations of the transactions. (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.)

1. The owner, Mai Li, invests $40,000 in cash in starting a real estate office operating as a sole proprietorship.

2. Purchased $500 of supplies on credit.

3. Purchased equipment for $9,000, paying $4,000 in cash and signed a 30-day, $5,000, note payable.

4. Real estate commissions billed to clients amount to $4,000.

5. Paid $800 in cash for the current month's rent.

6. Paid $200 cash on account for supplies purchased in transaction 2.

7. Received a bill for $600 for advertising for the current month.

8. Paid $2,500 cash for office salaries and wages.

9. Li withdrew $1,800 from the business for living expenses.

10. Received a check for $2,500 from a client in payment on account for commissions billed in transaction 4.

Answer rating: 100% (QA)

No Account Titles and Explanation Debit Credit 1 Cash 4000000 Capital 40... View the full answer