The following events occurred for Johnson Company: a. Received investment of $38,000 cash by organizers and distributed 1,100 shares of $1 par value common stock to them. Purchased $8,500 of equipment, paying $1,200 in cash and signing a note for the b. rest. c. Borrowed $12,000 cash from a bank. d. Loaned $800 to an employee who signed a note. e. Purchased $17,000 of land; paid $6,000 in cash and signed a mortgage note for the balance. Required: Prepare journal entries for the above transactions (If no entry is required for

The following events occurred for Johnson Company: a. Received investment of $38,000 cash by organizers and distributed 1,100 shares of $1 par value common stock to them. Purchased $8,500 of equipment, paying $1,200 in cash and signing a note for the b. rest. c. Borrowed $12,000 cash from a bank. d. Loaned $800 to an employee who signed a note. e. Purchased $17,000 of land; paid $6,000 in cash and signed a mortgage note for the balance. Required: Prepare journal entries for the above transactions (If no entry is required for

Name: answer in text form please (without image), Note: .Every entry shoul
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Description: answer in text form please (without image), Note: .Every entry should have narration please The following events occurred for Johnson Company:4a. Received investment of $38,000 cash by organizers and distributed 1.100 shares of $1par value common s

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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