Prepare journal entries for the transactions listed below and post them to the T-accounts. a. Issued 7,500 shares of stock with a par value of $0.10 to the three owners (2,500 shares each) for $75,000 in cash. b. Purchased a short-term investment for $10,000 cash. c. Purchased 2 acres of land for $20,000, paid $5,000 in cash and signed a 2 year not for the remainder.
Prepare journal entries for the transactions listed below and post them to the T-accounts. a. Issued 7,500 shares of stock with a par value of $0.10 to the three owners (2,500 shares each) for $75,000 in cash. b. Purchased a short-term investment for $10,000 cash. c. Purchased 2 acres of land for $20,000, paid $5,000 in cash and signed a 2 year not for the remainder.
Chapter18: Corporations: Organization And Capital Structure
Section: Chapter Questions
Problem 24CE
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a. Issued 7,500 shares of stock with a par value of $0.10 to the three owners (2,500 shares each) for $75,000 in cash.
b. Purchased a short-term investment for $10,000 cash.
c. Purchased 2 acres of land for $20,000, paid $5,000 in cash and signed a 2 year not for the remainder.
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