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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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answer in text form please (without image), Note: .Every entry should have narration please
Transcribed Image Text:The following events occurred for Johnson Company:
4
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 a
transaction/event, select "No journal entry required" in the first account field.)
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