Transaction Analysis and Journal Entries Pasta House Inc. was organized in January 2022. During the year,...

 

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Transaction Analysis and Journal Entries Pasta House Inc. was organized in January 2022. During the year, the following transactions occurred: a. On January 14, Pasta House sold Martin Halter, the firm's founder and sole owner, 10,000 of its common shares for $8 per share. b. On the same day, National Bank loaned Pasta House $45,000 on a 10-year note payable. c. On February 22, Pasta House purchased a building and the land on which it stands from Frank Jakubek for $34,000 cash and a 5-year, $56,000 note payable. The land and building had appraised values of $30,000 and $60,000, respectively. d. On March 1, Pasta House signed a $15,000 contract with Crosby Renovations to remodel the inside of the building. Pasta House paid $4,000 down and agreed to pay the remainder when Crosby completed its work. e. On May 3, Crosby completed its work and submitted a bill to Pasta House for the remaining $11,000. f. On May 20, Pasta House paid $11,000 to Crosby Renovations. g. On June 4, Pasta House purchased restaurant supplies from Goa Supply for $650 cash. Required: Prepare a journal entry for each of the above transactions. For a compound transaction, for those boxes in which no entry is required, leave the box blank. Transaction Analysis and Journal Entries Pasta House Inc. was organized in January 2022. During the year, the following transactions occurred: a. On January 14, Pasta House sold Martin Halter, the firm's founder and sole owner, 10,000 of its common shares for $8 per share. b. On the same day, National Bank loaned Pasta House $45,000 on a 10-year note payable. c. On February 22, Pasta House purchased a building and the land on which it stands from Frank Jakubek for $34,000 cash and a 5-year, $56,000 note payable. The land and building had appraised values of $30,000 and $60,000, respectively. d. On March 1, Pasta House signed a $15,000 contract with Crosby Renovations to remodel the inside of the building. Pasta House paid $4,000 down and agreed to pay the remainder when Crosby completed its work. e. On May 3, Crosby completed its work and submitted a bill to Pasta House for the remaining $11,000. f. On May 20, Pasta House paid $11,000 to Crosby Renovations. g. On June 4, Pasta House purchased restaurant supplies from Goa Supply for $650 cash. Required: Prepare a journal entry for each of the above transactions. For a compound transaction, for those boxes in which no entry is required, leave the box blank.