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I need this to be completed right now because it needs to be done in tow Hours. I will appreciate your help M2-13 Identifying Transactions
I need this to be completed right now because it needs to be done in tow Hours. I will appreciate your help
M2-13 Identifying Transactions and Preparing Journal Entries [LO 2-3] J.K. Builders was incorporated on July 1 a. Received $72,000 cash invested by owners and issued common stock b. Bought an unused field from a local farmer by paying $62,000 cash. As a construction site for smaller projects, it is estimated to be worth $67,000 to J.K. Builders. c. A lumber supplier delivered lumber supplies to J.K. Builders for future use. The lumber supplies would have normally sold for $12,000, but the supplier gave J.K Builders a 12 percent discount J K Builders has not yet received the S10,560 bill from the supplier d. Borrowed $27,000 from the bank with a plan to use the funds to build a small workshop in August. The loan must be repaid in two years e One of the owners sold S12,000 worth of his common stock to another shareholder for $13,000 Prepare journal entries for the above transactions from the first month of business. (If no entry is required fora transaction/event, select "No Journal Entry Required" in the first account field.)Step by Step Solution
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