Textbook Problem

Brief Exercise 2-32 Journalize Transactions

Galle Inc. entered into the following transactions during January.

1. January, 1: Borrowed $50,000 from First Street Bank by signing a note payable.
2. January, 4: Purchased $25,000 of equipment for cash.
3. January, 6: Paid $500 to landlord for rent for January.
4. January, 15: Performed services for customers on account. $10,000.
5. January, 25: Collected $3,000 from customers for services performed in Transaction d.
6. January, 30: Paid salaries of $2,500 for the current month.

Required:

Prepare journal entries for the transactions.