Transactions for the Oriole Company for the month of November are presented below. 1. Stockholders invested an additional $41,000 cash in the business. 2. Purchased land costing $17,200 for cash. 3. Purchased equipment costing $51,000 for $4,500 cash and the remainder on credit. 4. Purchased supplies on account for $600. 5. Paid $2,900 for a one-year insurance policy. 6. Received $3,400 cash for services performed. 7. Received $4,900 for services previously performed on the account. 8. Paid wages to employees for $2,400. 9. Paid dividends to stockholders of $450.
Journalize each transaction.

Please see below for the journal entries of Oriole Company.

Explanation:

Oriole Company

1.

Debit: Cash $41,000

Credit: Common Stock $41,000

To record additional paid in capital.

2.

Debit: Land $17,200

Credit: Cash $17,200

To record purchase of land.

3.

Debit: Equipment $51,000

Credit: Cash $4,500

Credit: Accounts Payable ($51,000 - $4,500) $46,500

To record Purchase of equipment.

4.

Debit: Supplies $600

Credit: Accounts Payable $600

To record purchase of supplies.

5.

Debit: Insurance Expense $2,900

Credit: Cash $2,900

To record payment of Insurance.

6.

Debit: Cash $3,400

Credit: Services $3,400

To record cash received from services.

7.

Debit: Cash $4,900

Credit: Accounts Receivables $4,900

To record cash received from services performed on account.

8.

Debit: Wages Expense $2,400

Credit: Cash $2,400

To record payment of wages.

9.

Debit: Dividends Payable $450

Credit: Cash $450

To record payment of dividends.

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