Jameson Corporation was organized on May 1. The following events occurred during the first month. a. Received $72,000 cash from the five investors who organized Jameson Corporation. Each investor received 110 shares of $10 par value common stock. b. Ordered store fixtures costing $11,000. c. Borrowed $10,000 cash and signed a note due in two years. d. Purchased $18,000 of equipment, paying $1,100 in cash and signing a six-month note for the balance. e. Lent $1,500 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. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
Jameson Corporation was organized on May 1. The following events occurred during the first month. a. Received $72,000 cash from the five investors who organized Jameson Corporation. Each investor received 110 shares of $10 par value common stock. b. Ordered store fixtures costing $11,000. c. Borrowed $10,000 cash and signed a note due in two years. d. Purchased $18,000 of equipment, paying $1,100 in cash and signing a six-month note for the balance. e. Lent $1,500 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. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter2: Financial Statements And The Annual Report
Section: Chapter Questions
Problem 2.8P: Statement of Cash Flows Colorado Corporation was organized at the beginning of the year, with the...
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![### 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 $72,000 cash from the five investors who organized Jameson Corporation. Each investor received 110 shares of $10 par value common stock.
b. Ordered store fixtures costing $11,000.
c. Borrowed $10,000 cash and signed a note due in two years.
d. Purchased $18,000 of equipment, paying $1,100 in cash and signing a six-month note for the balance.
e. Lent $1,500 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. (**If no entry is required for a transaction/event, select "No journal entry required" in the first account field.**)
---
#### Journal Entry Worksheet
**Record the receipt of $72,000 cash from five investors who each received 110 shares of $10 par value common stock.**
(Note: Enter debits before credits.)
| Transaction | General Journal | Debit | Credit |
|-------------|-------------------------------------------|--------|----------|
| a. | | | |](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F266d5c88-4132-4eca-8561-6ebd3b0393f5%2Fe72bd3e2-44c3-4890-a4b7-6921f05bb67c%2Fnqf0ce_processed.png&w=3840&q=75)
Transcribed Image Text:### 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 $72,000 cash from the five investors who organized Jameson Corporation. Each investor received 110 shares of $10 par value common stock.
b. Ordered store fixtures costing $11,000.
c. Borrowed $10,000 cash and signed a note due in two years.
d. Purchased $18,000 of equipment, paying $1,100 in cash and signing a six-month note for the balance.
e. Lent $1,500 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. (**If no entry is required for a transaction/event, select "No journal entry required" in the first account field.**)
---
#### Journal Entry Worksheet
**Record the receipt of $72,000 cash from five investors who each received 110 shares of $10 par value common stock.**
(Note: Enter debits before credits.)
| Transaction | General Journal | Debit | Credit |
|-------------|-------------------------------------------|--------|----------|
| a. | | | |
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