Question: e26 recording investing and financing activities lo24 the following events...
E2-6 Recording Investing and Financing Activities LO2-4
The following events occurred for Johnson Company:
- 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.
- Purchased $8,000 of equipment, paying $1,000 in cash and owing the rest on accounts payable to the manufacturer.
- Borrowed $13,000 cash from a bank.
- Loaned $600 to an employee who signed a note.
- Purchased $17,000 of land; paid $9,000 in cash and signed a mortgage note for the balance.
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.)