E2-6 (Static) 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 1,000 shares of $1 par value common stock with a market price of $40 per share.

2. Purchased $15,000 of equipment, paying $3,000 in cash and owing the rest on accounts payable to the manufacturer.

3. Borrowed $10,000 cash from a bank.

4. Loaned $800 to an employee who signed a note.

5. Purchased $13,000 of land; paid $4,000 in cash and signed a 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