How do you journalize theses transactions?

8) Purchased $15000 food to sell; paid 1/3 in cash and the balance on account

10) Paid $30000 for a one-year insurance policy effective October 1, 2011

12) Purchased supplies for $2400 on account.

To journalize these transactions, you need to follow these steps:

1) Determine the accounts involved: Identify which accounts are affected by each transaction. In this case, we have accounts such as "Food Inventory," "Cash," "Accounts Receivable," "Insurance Expense," and "Supplies."

2) Determine the journal entry format: Decide whether each transaction will be recorded in a general journal, specialized journals (like the cash receipts journal or sales journal), or a combination of both. For these transactions, we'll use the general journal.

3) Analyze each transaction: Understand the impact of each transaction on the accounts involved.

Let's go through each transaction and record the journal entry:

8) Purchased $15000 food to sell; paid 1/3 in cash and the balance on account:
- Debit Food Inventory for $15000 (increase in asset)
- Credit Cash for $5000 (decrease in asset)
- Credit Accounts Payable for $10000 (increase in liability)

10) Paid $30000 for a one-year insurance policy effective October 1, 2011:
- Debit Prepaid Insurance for $30000 (increase in asset)
- Credit Cash for $30000 (decrease in asset)

12) Purchased supplies for $2400 on account:
- Debit Supplies for $2400 (increase in asset)
- Credit Accounts Payable for $2400 (increase in liability)

Remember, when journalizing transactions, we use debits to record increases in assets and expenses, and credits to record decreases in assets, liabilities, and owner's equity.