7:47 & 4 0 % 40%. HW 1 Student name: ID No.: Q1: Journalize the following business transactions in general journal form. Identify each transaction by number. You may omit explanations of the transaction. 1. Kevin Diaz invested $40,000 cash in exchange for ordinary shares. 2. Hired an employee to be paid $400 per week, starting tomorrow. 3. Paid two years' rent in advance, $7,200. 4. Paid the worker's weekly salary, 5. Recorded revenue earned and received for the week, $1,500. General Journal No Account Titles Debit Credit 1 ..Cash. 40.000 ..Capital-share........ 40.000 2 3 7:47 0 % 40% Q2: The transactions of Medina Information Service are recorded in the general journa below. You are to post the journal entries to the accounts in the general ledger. After all entries have been posted, you are to prepare a trial balance on the form provided. General Journal J1 Date Account Titles and Explanation Ref. Debit Credit Sept. 1 Cash 35,000 Share Capital-Ordinary 35,000 (Issued ordinary shares for cash) Sept. 4 Equipment 30,000 Cash 10,000 Notes Payable 20,000 (Paid cash and issued 2-year, 9%, note for equipment)