Jameson Corporation was organized on May 1 The following events occurred during the first month Received $71,000 cash from the five investors who organized Jameson Corporation Each investor received 109 shares of $10 par value common stock Ordered store fixtures costing $14,000 Borrowed $11,000 cash and signed a note due in two years Purchased $15,000 of equipment, paying $1,400 in cash and signing a six month note for the balance Lent $2,000 to an employee who signed a note to repay the loan in three months 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 ) Journal entry worksheet 1 2 3 4 5 6 Record the receipt of $71,000 cash from five investors who each received 109 shares of $10 par value common stock Note Enter debits before credits Transaction General Journal Debit Credit a Cash TTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTI Record entry Clear entry View general journal Journal entry worksheet

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Posted on Jul 22, 2024

Jameson Corporation was organized on May 1. The following events occurred during the first month. Received $71,000 cash from the five investors who organized Jameson

Jameson Corporation was organized on May 1. The following events occurred during the first month.

Received $71,000 cash from the five investors who organized Jameson Corporation. Each investor received 109 shares of $10 par value common stock.
Ordered store fixtures costing $14,000.
Borrowed $11,000 cash and signed a note due in two years.
Purchased $15,000 of equipment, paying $1,400 in cash and signing a six-month note for the balance.
Lent $2,000 to an employee who signed a note to repay the loan in three months.
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.)

Journal entry worksheet 1 2 3 4 5 6 Record the receipt of $71,000 cash from five investors who each received 109 shares of $10 par value common stock. Note: Enter debits before credits. Transaction General Journal Debit Credit a. Cash TTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTI Record entry Clear entry View general journal Journal entry worksheet