Received $500,000 cash and issued common stock. Opened a new checking account at Atlanta National Bank and deposited the cash received from the a. stockholders. Paid $200,000 cash and issued a $400,000, 10-year, 5% notes payable for land with an existing building. The assets had the following market values: Land, $100,0003; Building, $500,000. Paid $75,000 for store fixtures. d. b. С. Paid $45,000 for office equipment. Paid $600 for office supplies. Paid $3,600 for a two-year insurance policy. Purchased appliances from Long Appliance Manufacturers (merchandise e. f. g. inventory) on account for $425,000.

Received $500,000 cash and issued common stock. Opened a new checking account at Atlanta National Bank and deposited the cash received from the a. stockholders. Paid $200,000 cash and issued a $400,000, 10-year, 5% notes payable for land with an existing building. The assets had the following market values: Land, $100,0003; Building, $500,000. Paid $75,000 for store fixtures. d. b. С. Paid $45,000 for office equipment. Paid $600 for office supplies. Paid $3,600 for a two-year insurance policy. Purchased appliances from Long Appliance Manufacturers (merchandise e. f. g. inventory) on account for $425,000.

Name: Record each transaction in a journal entry. Explanations are not requi
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Description: Record each transaction in a journal entry. Explanations are not required. a. Received $500,000 cash and issued common stock. Opened a new checkingaccount at Atlanta National Bank and deposited the cash received from thestockholders.b. Paid $200,000

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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Similar questions

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