Record each of the following transactions in a journal format: The business received cash of $50,000 and a building with a fair market value of $100,000. The corporation issued common stock to the stockholders. Borrowed $70,000 from the bank; signed a 3 year note payable at 10% interest. Purchased equipment for $20,000; paid cash. Purchased supplies on account $250. Paid employee's salary of $5,000. Performed services for customers in the amount of $10,000; received cash of $2000, remainder was on account. Paid for the supplies purchased in (d). Received the utility bill for $1,000. It will be paid in 15 days. Received amount owed from customers in (f). Paid the following expenses: (1) rent of $2,000; (2) advertising of $1.000

Record each of the following transactions in a journal format: The business received cash of $50,000 and a building with a fair market value of $100,000. The corporation issued common stock to the stockholders. Borrowed $70,000 from the bank; signed a 3 year note payable at 10% interest. Purchased equipment for $20,000; paid cash. Purchased supplies on account $250. Paid employee's salary of $5,000. Performed services for customers in the amount of $10,000; received cash of $2000, remainder was on account. Paid for the supplies purchased in (d). Received the utility bill for $1,000. It will be paid in 15 days. Received amount owed from customers in (f). Paid the following expenses: (1) rent of $2,000; (2) advertising of $1.000

Name: Record each of the following transactions in a journal format: The bu
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Description: Record each of the following transactions in a journal format: The business received cash of $50,000 and a building with afair market value of $100,000. The corporation issued common stock to the stockholders. Borrowed $70,000 from the bank;signed a

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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