Intermediate Accounting 1

Record the following Journal Entries

a) Received cash of $60,000 from two investors ( $30,000 each). Each investor was issued 3,000 shares of common stock. b) Borrowed $40,000 from a local bank and signed two notes. The first note for $10,000 requires payment of principal and 10% interest in six months. The second note for $30,000 requires the payment of principal in two years. Interest at 10% is payable each year on July 1, 2025, and July 1, 2026. c) Paid $24,000 in advance for one year's rent on the store building. d) Purchased office equipment from eTronics for $12,000 cash. e) Purchased $60,000 of clothing inventory on account from the Birdwell Wholesale Clothing Company