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Jameson Corporation was organized on May 1. Th Received $70,000 cash and a building value investor received 100 shares of $10 par valu b. Ordered store fixtures costing $15,000. c. Borrowed $18,000 cash and signed a note c d. Purchased $11,000 of equipment, paying $1, e. Lent $2,000 to an employee who signed a r f. Received and paid for the store fixtures orde Required:

Jameson Corporation was organized on May 1. Th Received $70,000 cash and a building value investor received 100 shares of $10 par valu b. Ordered store fixtures costing $15,000. c. Borrowed $18,000 cash and signed a note c d. Purchased $11,000 of equipment, paying $1, e. Lent $2,000 to an employee who signed a r f. Received and paid for the store fixtures orde Required:

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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Jameson Corporation was organized on May 1. The following events occurred during the first month. Received $70,000 cash and a building valued at $250,000 from the five investors who organized Jameson Corporation. Each investor received 100 shares of $10 par value common stock. b. Ordered store fixtures costing $15,000. c. Borrowed $18,000 cash and signed a note due in two years. d. Purchased $11,000 of equipment, paying $1,500 in cash and signing a six-month note for the balance. e. Lent $2,000 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 list Help Journal entry worksheet
Transcribed Image Text:Jameson Corporation was organized on May 1. The following events occurred during the first month. Received $70,000 cash and a building valued at $250,000 from the five investors who organized Jameson Corporation. Each investor received 100 shares of $10 par value common stock. b. Ordered store fixtures costing $15,000. c. Borrowed $18,000 cash and signed a note due in two years. d. Purchased $11,000 of equipment, paying $1,500 in cash and signing a six-month note for the balance. e. Lent $2,000 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 list Help Journal entry worksheet
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