- Prepare the journal entries for the following transactions (Make sure debits are to the left...

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- Prepare the journal entries for the following transactions (Make sure debits are to the left and credits are to the right - Formatting and Presentation is very important) (15 Points) (a) Chipotle issued 7,000 additional shares of common stock with a par value of $0.50 per share at a market value of $12.00 per share, receiving $84,000 in cash from investors. (b) Chipotle borrowed $25,000 from its local bank, signing a note to be paid in three years. (c) Chipotle purchased $40,000 in land, $45,000 in new buildings, and $10,000 in new equipment; paid $30,000 in cash and signed a note payable for the remainder owed. (d) Collected $12,000 of accounts receivable. (e) Paid $10,000 of accounts payable - Prepare the journal entries for the following transactions (Make sure debits are to the left and credits are to the right - Formatting and Presentation is very important) (15 Points) (a) Chipotle issued 7,000 additional shares of common stock with a par value of $0.50 per share at a market value of $12.00 per share, receiving $84,000 in cash from investors. (b) Chipotle borrowed $25,000 from its local bank, signing a note to be paid in three years. (c) Chipotle purchased $40,000 in land, $45,000 in new buildings, and $10,000 in new equipment; paid $30,000 in cash and signed a note payable for the remainder owed. (d) Collected $12,000 of accounts receivable. (e) Paid $10,000 of accounts payable

Answer rating: 100% (QA)

Since the question requires journal entrieswe can make a journal in the following format Workings Sh... View the full answer