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The following events occurred for Johnson Company: a. Received investment of $41,000 cash by organizers and distributed 1,130 shares of $1 par value common stock
The following events occurred for Johnson Company: a. Received investment of $41,000 cash by organizers and distributed 1,130 shares of $1 par value common stock to them. b. Purchased $8,500 of equipment, paying $1,300 in cash and signing a note for the rest. c. Borrowed $6,000 cash from a bank d. Loaned $1,400 to an employee who signed a note. e. Purchased $15,000 of land; paid $8,000 in cash and signed a mortgage note for the balance. Required Prepare journal entries for the above transactions (If not entry is required for a transaction/event, select No journal entry required in the first account field. Journal Entry Worksheet Record the receipt of $41,000 ash and the distribution of 1,130 shares of $1 par value common stock.) Transaction General Journal Debit Credit
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