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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Topic Video
Question
Record each transaction in a
Transcribed Image Text:a. Received $500,000 cash and issued common stock. Opened a new checking
account at Atlanta National Bank and deposited the cash received from the
stockholders.
b. 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, $100,000;
Building, $500,000.
Paid $75,000 for store fixtures.
C.
d.
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.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education