Question
Nathanson Corporation was organized on May 1. The following events occurred during the first month. (a) Received $66,000 cash from the five investors who organized
Nathanson Corporation was organized on May 1. The following events occurred during the first month.
(a) Received $66,000 cash from the five investors who organized Nathanson Corporation. Each investor received 102 shares of $10 par value common stock.
(b) Ordered store fixtures costing $16,000.
(c) Borrowed $12,000 cash and signed a note due in two years.
(d) Purchased $20,000 of equipment, paying $1,900 in cash and signing a six-month note for the balance.
(e)Lent $1,600 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 4 6 Record the receipt of $66,000 cash from five investors who each received 102 shares of $10 par value common stock Note: Enter debits before credits. Transaction General Journal Debit Credit a. Record entry Clear entry View general journal
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