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I need the answers for the first paper. is the same question like the second pic Financial Accounting and Reporting Assignment-Journal Entries #2 Prepare Journal
I need the answers for the first paper. is the same question like the second pic
Financial Accounting and Reporting Assignment-Journal Entries #2 Prepare Journal Entries in good form for each of the following transactions for the Smith Lumber Company for January 2014 and post to a ledger using T accounts: 1. Jan. 1 - Issued 2000 shares of stock for $400,000 2. Jan. 2-Bought a truck for $25,000 in cash 3. Jan. 12- Borrowed $40,000 from a bank 4. Jan.13 -Bought a $60,000 factory building for $20,000 in cash and a $40,000 note payable 5. Jan. 14 - Bought a forklift for $50,000 payable 6. Jan. 21 - Paid for the forklift in full 7. Jan. 31-Paid back the bank for the borrowing in full 8. Jan. 4 - Bought lumber for inventory for $80,000 payable 9. Jan. 5-Bought land for $20,000 in cash 10. Jan. 11 - Paid lumber supplier in cash the $80,000 owed 11. Jan. 31 - Paid $10,000 dividend Step by Step Solution
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