Question Details

The company paid half in cash and issued a promissory note 



1.	In the journal provided, prepare journal entries without explanations for the following transactions. Write “no entry” if none is needed.

a. Received a $1,850 invoice for this month's rent. Payment will not be made right away.
b. Paid $1,600 for insurance premiums to cover the next six months.
c. The owner, Pat Richards, withdrew $350. 
d. The rent of a is paid.
e. Purchased land for $23,000. The company paid half in cash and issued a promissory note for the other half.

General Journal	Page 1
Date	           Description	           Post.Ref.	        Debit	           Credit
	

2.	Provide explanations for the following related journal entries:

a.	Cash	6,000	
		Mike Bradley, Capital		6,000

b.	Law Library	3,400	
		Accounts Payable		3,400

c.	Cash	600	
	Accounts Receivable	1,000	
		Legal Fees Earned		1,600

d.	Cash	500	
		Accounts Receivable		500

e.	Accounts Payable	3,400	
		Cash		3,400




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