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---------------------------------------------- Here are the trial balance and Balance Sheet Record the following entries in general journal form for December, 2017: December 1: Purchased Land for
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Here are the trial balance and Balance Sheet
Record the following entries in general journal form for December, 2017: December 1: Purchased Land for a future building site for $200,000, paying $40,000 down and signed a 10%, 90-day note for the balance. December 2: Purchased on account: $25,000 of Merchandise Inventory for the holiday season December 4: Bought back 500 shares of stock for $20 per share. December 5: Issued 5000 shares of restricted stock to its CFO. The stock has a fair value of $60,000. The service period related to this restricted stock is 5 years. Vesting occurs if the CFO stays with the company for 5 years. The par value of the stock is $1 December 8: Paid $5,000 on account December 15: Recorded cash sales of $19,000, cost of merchandise inventory was $9,400. December 16: Issued 1,000 shares of common stock at $9.00 per share December 20: Recorded sales on account of $73,000, cost of merchandise inventory was $35,000
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