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Kelsey Baker founded GolfDeals.com at the beginning of February. GolfDeals.com sells new and used golf equipment online. The following events occurred in February. a. Borrowed
Kelsey Baker founded GolfDeals.com at the beginning of February. GolfDeals.com sells new and used golf equipment online. The following events occurred in February. a. Borrowed $41,000 cash from a bank, signing a note due in three years. b. Received investment of cash by organizers and distributed to them 400 shares of $0.10 par value common stock with a market price of $20 per share. C. Purchased a warehouse for $137,000, paying $34,000 in cash and signing a note payable for the balance on a 10-year mortgage. d. Purchased computer and office equipment for $31,000, paying $4,000 in cash and owing the rest on accounts payable to the manufacturers. e. Loaned $1,500 to an employee who signed a note due in three months. f. Paid $2,500 to the manufacturers in (d) above. g. Purchased short-term investments for $8,000 cash. Required: Prepare journal entries for the above transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list :X: 1 Record the cash borrowed from a bank. 2 Record the investment of cash by organizers. 3 Record the purchase of warehouse for $137,000, paying $34,000 in cash and signing a note payable for the balance on a 10-year mortgage. 4 Record the purchase of computer and office equipment. 5 Record the loan of $1,500 provided to an employee who signed a note due in three months. 6 Record the payment to manufacturers for computer and office equipment. Note : = - journal entry has been entered Journal entry worksheet Record the cash borrowed from a bank. Note: Enter debits before credits. Transaction General Journal Debit Credit a. Record entry Clear entry View general journal
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