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  3. e26 recording investing and financing activities lo24 the following events...

Question: e26 recording investing and financing activities lo24 the following events...

Question details

E2-6 Recording Investing and Financing Activities LO2-4

The following events occurred for Johnson Company:

  1. Received investment of cash by organizers and distributed to them 1,060 shares of $1 par value common stock with a market price of $10 per share.
  2. Purchased $8,000 of equipment, paying $1,000 in cash and owing the rest on accounts payable to the manufacturer.
  3. Borrowed $13,000 cash from a bank.
  4. Loaned $600 to an employee who signed a note.
  5. Purchased $17,000 of land; paid $9,000 in cash and signed a mortgage 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.)

Journal entry worksheet Journal entry worksheet Record the receipt of cash andl the distributon of 1,D60 shares of $1 par raue common stack with a market price af $10 per share Record the $9,000 purchase of equipment with $1,000 cash and the rest on accounts payable Note: Enter debits before credits. Note: Enter debits before credits General Journal Debit Credit General Journal Debit Credit Record entry Clear entry iew gener al joerial Hecord entry Clear entry ew genera jnurnal Journal entry worksheet Journal entry worksheet Record $600 loan to an employee who signed a note Record $13,0D0 cash barrowwed from bank Note: Enter debits before credits. Note: Enter debits before credits General Journal Debit Credit Debit Record entry Clear eniry Vievwe general jour nal Record entry Clear entry new general journal In ine lWrap text Break text Journal entry worksheet Record the $17,000 laกd purchase paid with $9,000 cash and a mortgage nate for the balance Note: Enter debits before credits, General Journal Debit Credit Record entry Clear entry general journal

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