Record the transactions in the general journal.

     

a. Received $550,000 cash and issued common stock. Opened a new checking account at Coronado National Bank and deposited the cash received from the stockholders. Paid $45,000 cash for a WOW franchise. b. c. Paid $250,000 cash and issued a $350,000, 10-year, 10% notes payable for land with an existing building. The assets had the following market values: Land, $110,000; Building. $490,000. d. Paid $97,500 for store fixtures. e. Paid $35,000 for office equipment. f. Paid $1,500 for office supplies. g. Paid $2,800 for a two-year insurance policy h. Purchased appliances from WOW (merchandise inventory) on account for $440,000. i. Established a petty cash fund for $220. j. Sold appliances on account to BCD Contractors for $240,000, terms n/30 (cost, $96,000). Sold appliances to Munro Contracting for $120,000 (cost, $53,000), receiving a 6-month, k. 12% note.