It should be noted that the cash that's used to make purchases as illustrated is the transactionary motive of holding money.
A financial transaction simply means an agreement that takes place between the buyer and the seller. It is the exchange of goods or services.
The transactionary motive of holding money simply means holding money in order to meet daily financial needs such as buying goods.
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Answer:
BUCKEYE INCORPORATED
General Journal:
No Date Description Debit Credit
1 November 01
Cash $11,000
Common Stock $11,000
To record the issue of common stock for cash.
2. November 02
Equipment $1,500
Long-term Note Payable $1,500
To record the purchase of equipment from Spartan Corporation.
3. November 04
Supplies $1,100
Accounts Payable $1,100
To record the purchase of supplies on account.
4. November 10
Accounts Receivable $7,000
Service Revenue $7,000
To record the provision of services to customers on account.
5. November 15
Accounts Payable $1,200
Cash Account $1,200
To record the payment to suppliers on account.
6. November 20
Salaries Expense $1,000
Cash Account $1,000
To record the payment of salaries for the first half month.
7. November 22
Cash Account $9,000
Service Revenue $9,000
To record the provision of services to customers for cash.
8. November 24
Long-term Notes Payable $600
Cash Account $600
To record the payment on note to Spartan Corporation.
9. November 26
Utilities expense $1,200
Cash Account $1,200
To record the payment for gas and electricity for November.
10. November 30
Rent expense $3,000
Cash Account $3,000
To record the payment of rent for November.
Explanation:
General Journals: Buckeye Incorporated can use the general journal to record its business transactions as they occur on a daily basis. It shows the accounts involved in the transaction and the accounts to be debited and credited as the case may be.
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Explanation:
area 51
<span>In a situation where there is a case is of an employee being dismissed from a job, he/she is entitled to a fair hearing if he/she wishes. This is an example of rights-based ethics as well as justice-based ethics.</span>
