Show a detailed journalizing of the following transactions:
galle inc. entered into the following transactions during january;
jan 1- borrowed $250,000 from first street bank by signing a note payable.
jan 4 - purchased $25,000 of equipment for cash.
jan 6 - paid $2,250 to landlord for rent for january.
jan 15 - performed services for customers on account, $10,000.
jan 25 - collected $3,000 from customers for services performed in transaction d.
jan 30 - paid salaries of $2,500 for the current month.

cash   (+assets)  250,000 debit

       Note Payable (+Liabilities)   250,000 credit

equipment (+Assets)  25,000 debit

    Cash (-Assets)                       25,000 credit

Rent expense (-Equity)    2,250 debit

     Cash   (-Assets)                   2,250 credit

Account Receivable (+Assets)  10,000 debit

              Service Revenue (+Equity)           10,000 credit

Cash  (+ Assets)    3,000 debit

           Account Receivable (-Assets)   3,000 credit

Salaries expense (-Equity)  2,500 debit

         Cash (-Assets)                       2,500 credit

Explanation:

We will post after each account, which component of the accounting equation modifies.

Also, we must remember than journal entries should have debit = credit

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