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At the beginning of August, Joel Henry founded Bookmart.com, which sells new and used books online. He is passionate about but does not have a lot of accounting experience. The following is a list of events for the company a. The company purchased equipment for $5,300 cash. The equipment is expected to be used for 10 or more years. b. Joel's business bought $8,300 worth of inventory from a publisher. The company will pay the publisher within 45-60 days c. Joel's friend Sam lent 55,300 to the business Sam had Joel write a note promising that Bookmart.com would repay the $5,300 in four months. Because they are good friends, Sam is not going to charge Joel Interest. d. The company paid $2,150 cash for books purchased on account earlier in the month, e Bookmart.com repaid the $5,300 loan established in (c) 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 Journal entry worksheet 1 2 The company purchased equipment for $5,300 cash. The equipment is expected to be used for 10 or more years. Record the transaction. Notes Enter debits before credits Transaction General Journal Debit Credit Record entry Clear entry View general journal At the beginning of August, Joel Henry founded Bookmart.com, which sells new and used books online. He is passionate about books but does not have a lot of accounting experience. The following is a list of events for the company a. The company purchased equipment for $5,300 cash. The equipment is expected to be used for 10 or more years. D. Joel's business bought $8,300 worth of inventory from a publisher. The company will pay the publisher within 45-60 days Joel's friend Sam lent 55,300 to the business. Sam had Joel write a note promising that Bookmart.com would repay the $5,300 in four months. Because they are good friends, Sam is not going to charge Joel interest a. The company paid $2,150 cash for books purchased on account earlier in the month. e Bookmart com repaid the $5,300 loan established in (c) 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 Journal entry worksheet Joel's business bought $8,300 worth of inventory from a publisher. The company will pay the publisher within 45-60 days. Record the transaction. Note: Enter debits before credits Transaction General Journal Debit Credit b Record entry Clear entry View general Journal At the beginning of August, Joel Henry founded Bookmart.com, which sells new and used books online. He is passionate about books but does not have a lot of accounting experience. The following is a list of events for the company a. The company purchased equipment for $5,300 cash The equipment is expected to be used for 10 or more years. b. Joel's business bought 88,300 worth of inventory from a publisher. The company will pay the publisher within 45-60 days. c Joel's friend Sam lent $5,300 to the business. Sam had Joel write a note promising that Bookmart.com would repay the $5,300 in four months. Because they are good friends, Sam is not going to charge Joel interest. a The company paid $2150 cash for books purchased on account earlier in the month. e Bookmart.com repaid the $5,300 loan established in (c) 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 Journal entry worksheet 3 5 Joel's friend Sam lent $5,300 to the business. Sam had Joel write a note promising that Bookmart.com would repay the $5,300 in four months. Because they are good friends, Sam is not going to charge Joel interest. Record the transaction. Note: Enter debts before credits Transaction General Journal Debit Credit Record entry Clear entry View general journal At the beginning of August. Joel Henry founded Bookmart.com, which sells new and used books online. He is passionate about books but does not have a lot of accounting experience. The following is a list of events for the company a. The company purchased equipment for $5,300 cash. The equipment is expected to be used for 10 or more years b Joel's business bought $8,300 worth of inventory from a publisher. The company will pay the publisher within 45-60 days. Joel's friend Sam lent $5,300 to the business. Sam had Joel write a note promising that Bookmart.com would repay the $5,300 in four months. Because they are good friends, Sam is not going to charge Joel interest. d. The company paid $2,150 cash for books purchased on account earlier in the month, e Bookmart.com repaid the $5,300 loan established in / 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 Journal entry worksheet 5 The company paid $2,150 cash for books purchased on account earlier in the month. Record the transaction Note: Enter debits before credits General Journal Transaction d Debit Credit Record entry Clear entry View general Journal At the beginning of August, Joel Henry founded Bookmart.com, which sells new and used books online. He is passionate about books but does not have a lot of accounting experience. The following is a list of events for the company, a The company purchased equipment for $5,300 cash. The equipment is expected to be used for 10 or more years b. Joers business bought $8.300 worth of inventory from a publisher. The company will pay the publisher within 45-60 days c. Joe's friend Sam lent 55,300 to the business. Sam had Joel write a note promising that Bookmart.com would repay the $5,300 in four months. Because they are good friends, Sam is not going to charge Joel Interest, d. The company paid $2,150 cash for books purchased on account earlier in the month. e Bookmart.com repaid the $5,300 loan established in (c) 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 5 Journal entry worksheet Note the debts before rette Transaction General Journal Debit Credit Record entry Clear Gry View general Journal