The following events occurred for Johnson Company: a. Received investment of cash by organizers and distributed...

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The following events occurred for Johnson Company: a. Received investment of cash by organizers and distributed to them 1,010 shares of $1 par value common stock with a market price of $40 per share. b. Leased $7,700 of equipment, paying $1,100 in cash and signing a long-term right-of-use lease for the rest owed. c. Borrowed $9,000 cash from a bank. d. Loaned $800 to an employee who signed a note due in six months. e. Purchased $22,000 of land; paid $8,000 in cash and signed a note for the balance. Required: Prepare journal entries for the above transactions. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list Journal entry worksheet < 1 2 3 4 5 Record the receipt of cash and the distribution of 1,010 shares of $1 par value common stock with a market price of $40 per share Note: Enter debits before credits. Transaction a. Cash General Journal Debit Credit < Record entry Clear entry View general journal The following events occurred for Johnson Company: a. Received investment of cash by organizers and distributed to them 1,010 shares of $1 par value common stock with a market price of $40 per share. b. Leased $7,700 of equipment, paying $1,100 in cash and signing a long-term right-of-use lease for the rest owed. c. Borrowed $9,000 cash from a bank. d. Loaned $800 to an employee who signed a note due in six months. e. Purchased $22,000 of land; paid $8,000 in cash and signed a note for the balance. Required: Prepare journal entries for the above transactions. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list Journal entry worksheet < 1 2 3 4 5 Record the receipt of cash and the distribution of 1,010 shares of $1 par value common stock with a market price of $40 per share Note: Enter debits before credits. Transaction a. Cash General Journal Debit Credit < Record entry Clear entry View general journal

Answer rating: 100% (QA)

Here are the journal entries for the transactions a Record the receipt of cash and the distribution ... View the full answer