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

The following events occurred for Johnson Company:

Received investment of cash by organizers and distributed to them $1,160$ shares of $$1$ par value common stock with a market price of $$15$ per share.

Leased $$7,300$ of equipment, paying $$1,700$ in cash and signing a long$-$term right$-$of$-$use lease for the rest owed.

Borrowed $$9,000$ cash from a bank.The following events occurred for Johnson Company:

a$.$ Received investment of cash by organizers and distributed to them $1,160$ shares of $$1$ par value common stock with a market

price of $$15$ per share.

b$.$ Leased $$7,300$ of equipment, paying $$1,700$ 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 $$19,383$ of land; paid $$9,000$ 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.

Loaned $$800$ to an employee who signed a note due in six months.

Purchased $$19,383$ of land; paid $$9,000$ in cash and signed a note for the balance.