M2-9 (Algo) Completing T-Accounts LO2-4 Following are the transactions of JonesSpa Corporation, for the month of January. a. Borrowed $24,000 from a local bank. b. Lent $11,000 to an affiliate; accepted a note due in one year. c. Sold to investors 70 additional shares of stock with a par value of $0.10 per share and a market price of $30 per share; received cash. d. Purchased $19,000 of equipment, paying $4,500 cash and signing a note for the rest due in one year. e. Declared $1,300 in cash dividends to stockholders, to be paid in February. For each of the preceding transactions, post the effects of the transaction in the appropriate T-accounts. Beginning balances are provided. Cash Notes Receivable 1,700 Beg. Bal. Beg. Bal. End. Bal. 1,700 End. Bal. Notes Payable Beg. Bal. Beg. Bal. End. Bal. End. Bal. Common Stock Beg. Bal. Beg. Bal. End. Bal. End. Bal. Retained Earnings Beg. Bal. Beg. Bal. End. Bal. End. Bal. 800 800 Equipment 21,000 21,000 Dividends Payable Additional Paid-in Capital 0 1,100 1,100 2,100 2,100 2,400 2,400 17,900 17,900

M2-9 (Algo) Completing T-Accounts LO2-4 Following are the transactions of JonesSpa Corporation, for the month of January. a. Borrowed $24,000 from a local bank. b. Lent $11,000 to an affiliate; accepted a note due in one year. c. Sold to investors 70 additional shares of stock with a par value of $0.10 per share and a market price of $30 per share; received cash. d. Purchased $19,000 of equipment, paying $4,500 cash and signing a note for the rest due in one year. e. Declared $1,300 in cash dividends to stockholders, to be paid in February. For each of the preceding transactions, post the effects of the transaction in the appropriate T-accounts. Beginning balances are provided. Cash Notes Receivable 1,700 Beg. Bal. Beg. Bal. End. Bal. 1,700 End. Bal. Notes Payable Beg. Bal. Beg. Bal. End. Bal. End. Bal. Common Stock Beg. Bal. Beg. Bal. End. Bal. End. Bal. Retained Earnings Beg. Bal. Beg. Bal. End. Bal. End. Bal. 800 800 Equipment 21,000 21,000 Dividends Payable Additional Paid-in Capital 0 1,100 1,100 2,100 2,100 2,400 2,400 17,900 17,900

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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