Record each of the following transactions in a journal format: The business received cash of $50,000 and a building with a fair market value of $100,000. The corporation issued common stock to the stockholders. Borrowed $70,000 from the bank; signed a 3 year note payable at 10% interest. Purchased equipment for $20,000; paid cash. Purchased supplies on account $250. Paid employee's salary of $5,000. Performed services for customers in the amount of $10,000; received cash of $2000, remainder was on account. Paid for the supplies purchased in (d). Received the utility bill for $1,000. It will be paid in 15 days. Received amount owed from customers in (f). Paid the following expenses: (1) rent of $2,000; (2) advertising of $1.000

Record each of the following transactions in a journal format: The business received cash of $50,000 and a building with a fair market value of $100,000. The corporation issued common stock to the stockholders. Borrowed $70,000 from the bank; signed a 3 year note payable at 10% interest. Purchased equipment for $20,000; paid cash. Purchased supplies on account $250. Paid employee's salary of $5,000. Performed services for customers in the amount of $10,000; received cash of $2000, remainder was on account. Paid for the supplies purchased in (d). Received the utility bill for $1,000. It will be paid in 15 days. Received amount owed from customers in (f). Paid the following expenses: (1) rent of $2,000; (2) advertising of $1.000

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Description: Record each of the following transactions in a journal format: The business received cash of $50,000 and a building with afair market value of $100,000. The corporation issued common stock to the stockholders. Borrowed $70,000 from the bank;signed a

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter3: Processing Accounting Information

Section: Chapter Questions

Problem 3.15MCE: Journal Entries Following is a list of transactions entered into during the first month of...

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