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Jameson Corporation was organized on May 1. The following events occurred during the first month. a. Received $70,000 cash from the five investors who organized
Jameson Corporation was organized on May 1. The following events occurred during the first month. a. Received $70,000 cash from the five investors who organized Jameson Corporation. Each investor received 106 shares of $10 par value common stock. b. Ordered store fixtures costing $18,000. c. Borrowed $12,000 cash and signed a note due in two years. d. Purchased $19,000 of equipment, paying $1,800 in cash and signing a six-month note for the balance. e. Lent $1,300 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. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 2 3 4 5 Record the receipt of $70,000 cash from five investors who each received 106 shares of $10 par value common stock. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal
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