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Pasta House Inc. was organized in January. During the year, the transactions below occurred: 1. On January 14, Pasta House sold Martin Halter, the firm's
Pasta House Inc. was organized in January. During the year, the transactions below occurred: 1. On January 14, Pasta House sold Martin Halter, the firm's founder and sole owner, 9,000 shares of its common stock for $8 per share. 2. On the same day, Bank One loaned Pasta House $38,000. 3. On February 22, Pasta House purchased a building and the land on which it stands from Frank Jakubek for $54,000. 4. On June 4, Pasta House purchased restaurant supplies from Glidden Supply for $2,650 cash. Required: Prepare a journal entry for each of the above transactions. Pasta House Inc. was organized in January. During the year, the transactions below occurred: 1. On January 14, Pasta House sold Martin Halter, the firm's founder and sole owner, 9,000 shares of its common stock for $8 per share. 2. On the same day, Bank One loaned Pasta House $38,000. 3. On February 22, Pasta House purchased a building and the land on which it stands from Frank Jakubek for $54,000. 4. On June 4, Pasta House purchased restaurant supplies from Glidden Supply for $2,650 cash. Required: Prepare a journal entry for each of the above transactions
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