The following events occurred for Favata Company: a. Received $13,000 cash from owners and issued stock...

 

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The following events occurred for Favata Company: a. Received $13,000 cash from owners and issued stock to them. b. Borrowed $10,000 cash from a bank and signed a note due later this year. c. Bought and received $1,100 of equipment on account. d. Purchased land for $18,000; paid $1,600 in cash and signed a long-term note for $16,400. e. Purchased $6,000 of equipment; paid $1,600 in cash and charged the rest on account. Required: For each of the above events, prepare journal entries. (If no entry is required for a transaction/event, select "No Journal Entry Required" In the first account field.) View transaction list The following events occurred for Favata Company: a. Received $13,000 cash from owners and issued stock to them. b. Borrowed $10,000 cash from a bank and signed a note due later this year. c. Bought and received $1,100 of equipment on account. d. Purchased land for $18,000; paid $1,600 in cash and signed a long-term note for $16,400. e. Purchased $6,000 of equipment; paid $1,600 in cash and charged the rest on account. Required: For each of the above events, prepare journal entries. (If no entry is required for a transaction/event, select "No Journal Entry Required" In the first account field.) View transaction list

Answer rating: 100% (QA)

Answera Cash 13000 Common Stock 13000 b ... View the full answer