Record each transaction in a journal entry. Explanations are not required. **Transaction Analysis for Educational Purposes**Here's a detailed analysis of a series of financial transactions:a. **Capital Infusion:** - Received $500,000 in cash and issued common stock. - Opened a new checking account at Atlanta National Bank and deposited the cash received from stockholders.b. **Asset Acquisition:** - Paid $200,000 in cash and issued a $400,000, 10-year, 5% notes payable to acquire land with an existing building. - Asset market values: Land: $100,000; Building: $500,000.c. **Store Fixtures Purchase:** - Paid $75,000 for new store fixtures.d. **Office Equipment Purchase:** - Paid $45,000 for office equipment.e. **Office Supplies Purchase:** - Paid $600 for office supplies.f. **Insurance Policy:** - Paid $3,600 for a two-year insurance policy.g. **Inventory Purchase:** - Purchased $425,000 worth of appliances from Long Appliance Manufacturers on account.h. **Petty Cash Fund:** - Established a petty cash fund of $150.i. **Credit Sale:** - Sold $215,000 worth of appliances to Bill Contractors, with terms n/30 (cost: $86,000).j. **Promissory Note:** - Sold $150,000 worth of appliances to Down Contracting (cost: $65,000), receiving a 6-month, 8% note.k. **Credit Card Sales:** - Recorded $80,000 in credit card sales (cost: $35,000), net of a 2% processor fee.l. **Accounts Receivable Collection:** - Received full payment from Bill Contractors.m. **Additional Inventory Purchase:** - Purchased $650,000 worth of appliances from Long Appliance Manufacturers on account.n. **Account Payment:** - Made a $300,000 payment on account to Long Appliance Manufacturers.o. **Cash Sale:** - Sold appliances to Home Builders for $350,000 in cash (cost: $175,000).p. **Note Receivable Collection:** - Received full payment on the maturity date from Down Contracting for the note.q. **Additional Sales via Promissory Note:** - Sold $265,000 worth of appliances

Name: Record each transaction in a journal entry. Explanations are not requi
Uploaded: 2024-03-04T10:43:15.000Z
Channel: Bartleby
Description: Record each transaction in a journal entry. Explanations are not required. **Transaction Analysis for Educational Purposes**Here's a detailed analysis of a series of financial transactions:a. **Capital Infusion:** - Received $500,000 in cash and is