Journal Entry, Ledger and Trial Balance

In Class Practice Problem

1. Invested $10,000 into the business

2. Received $40,000 working capital loan

3. Purchased supplies on account $10,000

4. Paid cash of $2,000 for one-year insurance policy

5. Purchased five automobiles for $20,000 each paying $25,000 down and signed a note for the balance

6. Paid advertising expense of $8,000

7. Cash received for car rental revenue $150,000

8. Paid rent expense of $30,000

9. Car rental revenue earned from corporate customers on account $100,000 TYPE 15

10. Paid on accounts payable $5,000

11. Collection of cash from corporate customers $50,000

12. Paid dividends of $5,000

13. Paid $3,000 principal plus $1,000 interest on note payable