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Jameson Corporation was organized on May 1. The following events occurred during the first month. a. Received $70,000 cash and a building valued at

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Jameson Corporation was organized on May 1. The following events occurred during the first month. a. Received $70,000 cash and a building valued at $250,000 from the five investors who organized Jameson Corporation. Each investor received 100 shares of $10 par value common stock. b. Ordered store fixtures costing $15,000. c. Borrowed $18,000 cash and signed a note due in two years. d. Purchased $11,000 of equipment, paying $1,500 in cash and signing a six-month note for the balance. e. Lent $2,000 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 transactions (a) through (f). Be sure to use good referencing and categorize each account as an asset (A), liability (L), or stockholders' equity (SE) item. If a transaction does not require a journal entry, explain the reason. Page 91

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