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Following are the transactions of JonesSpa Corporation, for the month of January.. a. Borrowed $23,000 from a local bank; the loan is due in 9 months. b. Lent $8,400 to an affiliate; accepted a note due in one year. c. Sold to investors 50 additional shares of stock with a par value of $0.10 per share and a market price of $15 per share; rece cash. d. Purchased $18,000 of equipment, paying $5,500 cash and signing a note for the rest due in one year. e. Declared $10,500 in cash dividends to stockholders, to be paid in February. Prepare the journal entry to record each of the above transactions for the month of January. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list Journal entry worksheet 1 2 Transaction a 3 Note: Enter debits before credits. Record the receipt of the bank loan of $23,000. 4 5 General Journal Debit Credit

Following are the transactions of JonesSpa Corporation, for the month of January.. a. Borrowed $23,000 from a local bank; the loan is due in 9 months. b. Lent $8,400 to an affiliate; accepted a note due in one year. c. Sold to investors 50 additional shares of stock with a par value of $0.10 per share and a market price of $15 per share; rece cash. d. Purchased $18,000 of equipment, paying $5,500 cash and signing a note for the rest due in one year. e. Declared $10,500 in cash dividends to stockholders, to be paid in February. Prepare the journal entry to record each of the above transactions for the month of January. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list Journal entry worksheet 1 2 Transaction a 3 Note: Enter debits before credits. Record the receipt of the bank loan of $23,000. 4 5 General Journal Debit Credit

FINANCIAL ACCOUNTING
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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Following are the transactions of JonesSpa Corporation, for the month of January.. a. Borrowed $23,000 from a local bank; the loan is due in 9 months. b. Lent $8,400 to an affiliate; accepted a note due in one year. c. Sold to investors 50 additional shares of stock with a par value of $0.10 per share and a market price of $15 per share; rece cash. d. Purchased $18,000 of equipment, paying $5,500 cash and signing a note for the rest due in one year. e. Declared $10,500 in cash dividends to stockholders, to be paid in February. Prepare the journal entry to record each of the above transactions for the month of January. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list Journal entry worksheet 1 2 Transaction a 3 4 Record the receipt of the bank loan of $23,000. Note: Enter debits before credits. 5 General Journal Debit Credit
Transcribed Image Text:Following are the transactions of JonesSpa Corporation, for the month of January.. a. Borrowed $23,000 from a local bank; the loan is due in 9 months. b. Lent $8,400 to an affiliate; accepted a note due in one year. c. Sold to investors 50 additional shares of stock with a par value of $0.10 per share and a market price of $15 per share; rece cash. d. Purchased $18,000 of equipment, paying $5,500 cash and signing a note for the rest due in one year. e. Declared $10,500 in cash dividends to stockholders, to be paid in February. Prepare the journal entry to record each of the above transactions for the month of January. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list Journal entry worksheet 1 2 Transaction a 3 4 Record the receipt of the bank loan of $23,000. Note: Enter debits before credits. 5 General Journal Debit Credit
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