Business, 15.02.2022 14:00 ashley54899
Jameson Corporation was organized on May 1. The following events occurred during the first month.
a. Received $68,000 cash from the five investors who organized Jameson Corporation. Each investor received 109 shares of $10 par value common stock.
b. Ordered store fixtures costing $15,000. Borrowed $18,000 cash and signed a note due in two years.
c. Purchased $19,000 of equipment, paying $1,100 in cash and signing a six-month note for the balance.
d. Lent $1,600 to an employee who signed a note to repay the loan in three months.
e. Received and paid for the store fixtures ordered in (b).
Required:
Prepare journal entries for each transaction.
Answers: 2
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Jameson Corporation was organized on May 1. The following events occurred during the first month....
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