SAMPLE OF ACCOUNTS TO USE: https://www.chegg.com/homework-help/questions-and-answers/tristar-production-company-began-operations-september-1-2016-listed-number-transactions-oc-q11738025

Tristar Production Company began operations on September 1, 2018. Listed below are a number of transactions that occurred during its first four months of operations. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) 1. On September 1, the company acquired five acres of land with a building that will be used as a warehouse. Tristar paid $150,000 in cash for the property. According to appraisals, the land had a fair value of $108,800 and the building had a fair value of $61,200 2. On September 1, Tristar signed a $45,000 noninterest-bearing note to purchase equipment. The $45,000 payment is due on September 1, 2019. Assume that 9% is a reasonable interest rate 3. On September 15, a truck was donated to the corporation. Similar trucks were selling for $3,000 4. On September 18, the company paid its lawyer $5,500 for organizing the corporation. 5. On October 10, Tristar purchased maintenance equipment for cash. The purchase price was $20,000 and $750 in freight charges also were paid 6. On December 2, Tristar acquired various items of office equipment. The company was short of cash and could not pay the $6,000 normal cash price. The supplier agreed to accept 200 shares of the company's nopar common stock in exchange for the equipment. The fair value of the stock is not readily determinable 7, On December 10, the company acquired a tract of land at a cost of $25,000. It paid $4,500 down and signed a 1196 note with both principal and interest due in one year. Eleven percent is an appropriate rate of interest for this note Required Prepare journal entries to record each of the above transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round final answers to the nearest whole dollars.) View transaction list Journal entry worksheet 2 3 4 6 On September 1, the company acquired five acres of land with a building that will be used as a warehouse. Tristar paid $150,000 in cash for the property According to appraisals, the land had a fair value of $108,800 and the building had a fair value of $61,200. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet 2 3 4 6 7 On September 15, a truck was donated to the corporation. Similar trucks were selling for $3,000. Note: Enter debits before credits. Transaction General Journal Debit Credit 3 Record entry Clear entry View general journal Journal entry worksheet 2 3 4 6 7 On October 10, Tristar purchased maintenance equipment for cash. The purchase price was $20,000 and $750 in freight charges also were paid. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet 4 7 On December 2, Tristar acquired various items of office equipment. The company was short of cash and could not pay the $6,000 normal cash price. The supplier agreed to accept 200 shares of the company's nopar commorn stock in exchange for the equipment. The fair value of the stock is not readily Note: Enter debits before credits. Transaction General Journal Debit Credit 6 Record entry Clear entry View general journal Journal entry worksheet 2 3 4 7 On December 10, the company acquired a tract of land at a cost of $25,000. It paid $4,500 down and signed a 1190 note with both principal and interest due in one year. Eleven percent is an appropriate rate of interest for this note. Note: Enter debits before credits. Transaction General Journal Debit Credit 7 Record entry Clear entry View general journal