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The following events occurred for Johnson Company: a. Received investment of cash by organizers and distributed to them 1,090 shares of $1 par value common stock with a market price of $45 per share. b. Leased $7,700 of equipment, paying $1,300 in cash and signing a long-term right-of-use lease for the rest owed. c. Borrowed $12,000 cash from a bank. d. Loaned $1,000 to an employee who signed a note due in six months. e. Purchased $20,000 of land; paid $5,000 in cash and signed a note for the balance. Required: Prepare journal entries for the above transactions. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list Journal entry worksheet < 1 2 3 4 5 Record the receipt of cash and the distribution of 1,090 shares of $1 par value common stock with a market price of $45 per share Note: Enter debits before credits. Transaction a. General Journal Debit Credit >

The following events occurred for Johnson Company: a. Received investment of cash by organizers and distributed to them 1,090 shares of $1 par value common stock with a market price of $45 per share. b. Leased $7,700 of equipment, paying $1,300 in cash and signing a long-term right-of-use lease for the rest owed. c. Borrowed $12,000 cash from a bank. d. Loaned $1,000 to an employee who signed a note due in six months. e. Purchased $20,000 of land; paid $5,000 in cash and signed a note for the balance. Required: Prepare journal entries for the above transactions. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list Journal entry worksheet < 1 2 3 4 5 Record the receipt of cash and the distribution of 1,090 shares of $1 par value common stock with a market price of $45 per share Note: Enter debits before credits. Transaction a. General Journal Debit Credit >

FINANCIAL ACCOUNTING
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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The following events occurred for Johnson Company: a. Received investment of cash by organizers and distributed to them 1,090 shares of $1 par value common stock with a market price of $45 per share. b. Leased $7,700 of equipment, paying $1,300 in cash and signing a long-term right-of-use lease for the rest owed. c. Borrowed $12,000 cash from a bank. d. Loaned $1,000 to an employee who signed a note due in six months. e. Purchased $20,000 of land; paid $5,000 in cash and signed a note for the balance. Required: Prepare journal entries for the above transactions. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list Journal entry worksheet 1 2 3 4 5 Record the receipt of cash and the distribution of 1,090 shares of $1 par value common stock with a market price of $45 per share Note: Enter debits before credits. Transaction a. General Journal Debit Credit >
Transcribed Image Text:The following events occurred for Johnson Company: a. Received investment of cash by organizers and distributed to them 1,090 shares of $1 par value common stock with a market price of $45 per share. b. Leased $7,700 of equipment, paying $1,300 in cash and signing a long-term right-of-use lease for the rest owed. c. Borrowed $12,000 cash from a bank. d. Loaned $1,000 to an employee who signed a note due in six months. e. Purchased $20,000 of land; paid $5,000 in cash and signed a note for the balance. Required: Prepare journal entries for the above transactions. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list Journal entry worksheet 1 2 3 4 5 Record the receipt of cash and the distribution of 1,090 shares of $1 par value common stock with a market price of $45 per share Note: Enter debits before credits. Transaction a. General Journal Debit Credit >
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