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Jameson Corporation was organized on May 1. The following events occurred during the first month. a. Received $75,000 cash and a building valued at $250,000
Jameson Corporation was organized on May 1. The following events occurred during the first month. a. Received $75,000 cash and a building valued at $250,000 from the five investors who organized Jameson Corporation. Ea investor received 102 shares of $10 par value common stock. b. Ordered store fixtures costing $17,000. c. Borrowed $20,000 cash and signed a note due in two years. d. Purchased $16,000 of equipment, paying $1,700 in cash and signing a six-month note for the balance. e. Lent $1,400 to an employee who signed a note to repay the loan in three months. f. Received and paid for the store fixtures ordered in (b). Required: Prepare journal entries for each transaction. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. E2-13 (Algo) Recording Journal Entries LO2-4 Jameson Corporation was organized on May 1. The following events occurred during the first month. a. Received $75,000 cash and a building valued at $250,000 from the five investors who organized Jameson Corporation. Each investor received 102 shares of $10 par value common stock. b. Ordered store fixtures costing $17,000. c. Borrowed $20,000 cash and signed a note due in two years. d. Purchased $16,000 of equipment, paying $1,700 in cash and signing a six-month note for the balance. e. Lent $1,400 to an employee who signed a note to repay the loan in three months. f. Received and paid for the store fixtures ordered in (b)
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