Complete the first step in the accounting cycle: Recordjournal entries for the following transactions in the GeneralJournal, which is the first sheet in the template file.Explanations are not needed.
Dec. 1 Investorscontributed $96,000 in exchange for shares of common stock.
8 Performed serviceson account for $32,350.
9 Purchased supplieson account for $672.
10 Purchased furniture at apurchase price of $12,000, by making a cash down payment of $2,000,and signing a note for the remainder. (HINT: This journal entrywill have 3 accounts – one debit and two credits. Remember, debitshave to equal credits in every journal entry.)
12 Received utilitybill to be paid next month, $525.
15 Paid wages,$15,000.
17 Received payments onaccount from customers, $26,960.
21 Paid vendors on account, $6,195.
24 Received $5,000from customers for work to be performed in January.
28 Paid dividends of$44,000.
31 Paid the next 6 monthsrent in advance, $12,000.
