Question: i know there are some errors in the chart, please help me to fix it. Thank u The following events occurred for Johnson Company: a.

 i know there are some errors in the chart, please help

i know there are some errors in the chart, please help me to fix it. Thank u

The following events occurred for Johnson Company: a. Received investment of cash by organizers and distributed to them 1,000 shares of $1 par value common stock with a market price of $40 per share. b. Purchased $15,000 of equipment, paying $3,000 in cash and owing the rest on accounts payable to the manufacturer. c. Borrowed $10,000 cash from a bank. d. Loaned $800 to an employee who signed a note. e. Purchased $13,000 of land; paid $4,000 in cash and signed a 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.) View transaction list View journal entry worksheet No General Journal Debit Credit Transaction a. Cash 40 Common stock 1,000 Additional paid-in capital 39,000 2 b. Equipment 15,000 Cash 3,000 12,000 Accounts payable 3 C. 10,000 Cash Notes payable 10,000 4 d. Notes receivable 800 Cash 800 5 e. Land 13,000 4,000 Cash Notes payable 9,000

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!