E2-13 (Algo) Recording Journal Entries LO2-4Jameson Corporation was organized on May 1. The following events occurred during the first month.a. Received $66,000 cash and a building valued at $260,000 from the five investors who organized Jameson Corporation. Eachinvestor received 103 shares of $10 par value common stock.b. Ordered store fixtures costing $12,000.c. Borrowed $13,000 cash and signed a note due in two years.d. Purchased $20,000 of equipment, paying $1,100 in cash and signing a six-month note for the balance.e. Lent $1,100 to an employee who signed a note to repay the loan in three months.f. Received and paid for the store fixtures ordered in (b).Required:Prepare journal entries for each transaction.Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.View transaction listJournal entry worksheet3Note: Enter debits before creditsTransaction45Record the receipt of the $13,000 cash borrowed on a two-year note.6General JournalDebitCredit Required:Prepare journal entries for each transaction.Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.View transaction listJournal entry worksheet23Note: Enter debits before credits.TransactionC.Record entry4Record the receipt of the $13,000 cash borrowed on a two-year note.5General Journal6Clear entryDebitCreditView general journal

E2-13 (Algo) Recording Journal Entries LO2-4 Jameson Corporation was organized on May 1. The following events occurred during the first month. a. Received $66,000 cash and a building valued at $260,000 from the five investors who organized Jameson Corporation. Each investor received 103 shares of $10 par value common stock. b. Ordered store fixtures costing $12,000. c. Borrowed $13,000 cash and signed a note due in two years. d. Purchased $20,000 of equipment, paying $1,100 in cash and signing a six-month note for the balance. e. Lent $1,100 to an employee who signed a note to repay the loan in three months. f. Received and paid for the store fixtures ordered in (b).

E2-13 (Algo) Recording Journal Entries LO2-4 Jameson Corporation was organized on May 1. The following events occurred during the first month. a. Received $66,000 cash and a building valued at $260,000 from the five investors who organized Jameson Corporation. Each investor received 103 shares of $10 par value common stock. b. Ordered store fixtures costing $12,000. c. Borrowed $13,000 cash and signed a note due in two years. d. Purchased $20,000 of equipment, paying $1,100 in cash and signing a six-month note for the balance. e. Lent $1,100 to an employee who signed a note to repay the loan in three months. f. Received and paid for the store fixtures ordered in (b).

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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