Received $11,000 cash from owners and issued stock to them. b. Borrowed $8,000 cash from a...

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Received $11,000 cash from owners and issued stock to them. b. Borrowed $8,000 cash from a bank and signed a note due later this year. c. Bought and received $900 of equipment on account. d. Purchased land for $14,000; paid $1,200 in cash and signed a long-term note for $12,800. e. Purchased $4,000 of equipment; paid $1,200 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.) Received $11,000 cash from owners and issued stock to them. b. Borrowed $8,000 cash from a bank and signed a note due later this year. c. Bought and received $900 of equipment on account. d. Purchased land for $14,000; paid $1,200 in cash and signed a long-term note for $12,800. e. Purchased $4,000 of equipment; paid $1,200 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.)

Answer rating: 100% (QA)

a Received 11000 cash from owners and issued stock to them This transaction involves receiving cash from owners and issuing stock in return Issuing st... View the full answer