E$2-4($Algo$)$ Determining Financial Statement Effects of Several Transactions LO$2-3$

The following events occurred for Johnson Company$-$

a$.$ Received investment of cash by organizers and distributed to them $1,060$ shares of $$1$ par value common stock with a market price of $$20$ per share.

b$.$ Leased $$9,000$ of equipment, paying $$1,100$ in cash and signing a long$-$term right$-$of$-$use lease for the rest owed.

c$.$ Borrowed $$7,000$ cash from a bank.

d$.$ Loaned $$500$ to an employee who signed a note due in six months.

e$.$ Purchased $$21,678$ of land, paid $$8,000$ in cash and signed a note for the balance.

Required:

For each of the events $($a$)$ through $($e$),$ perform transaction analysis and indicate the account and amount. Check that the accounting equation remains in balance after each transaction.

Note: Enter decreases to an element of the balance sheet with a minus sign. If no impact on accounting equation leave cells blank.

$\backslash$table$[[$Event$,$Assets,$=,$Liabilities,$+,$Stockholders' Equity$],[$a$,$Cash,$=,,+,$F$],[$a$,-,=,,+,],[$b$.,$F$,=,,+,],[$b$,5,=,,+,],[$C$,5,=,,+,],[$c$.,5,=,5,+,],[$d$,=,=,,+,],[$d$,5,=,,+,],[e,5,=,,+,],[$e$.,$P$,=,,+,7]]$