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E2-13 (Algo) Recording Journal Entries LO2-4 Jameson Corporation was organized on May 1. The following events occurred during the first month. Received $67,000 cash and
E2-13 (Algo) Recording Journal Entries LO2-4
Jameson Corporation was organized on May 1. The following events occurred during the first month.
- Received $67,000 cash and a building valued at $250,000 from the five investors who organized Jameson Corporation. Each investor received 103 \ shares of $10 par value common stock.
- Ordered store fixtures costing $10,000.
- Borrowed $17,000 cash and signed a note due in two years.
- Purchased $22,000 of equipment, paying $1,500 in cash and signing a six-month note for the balance.
- Lent $1,700 to an employee who signed a note to repay the loan in three months.
- Received and paid for the store fixtures ordered in (b).
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