Jameson Corporation was organized on May 1. The following events occurred during the first month.
- Received $71,000 cash from the five investors who organized Jameson Corporation. Each investor received 109 shares of $10 par value common stock.
- Ordered store fixtures costing $14,000.
- Borrowed $11,000 cash and signed a note due in two years.
- Purchased $15,000 of equipment, paying $1,400 in cash and signing a six-month note for the balance.
- Lent $2,000 to an employee who signed a note to repay the loan in three months.
- Received and paid for the store fixtures ordered in (b).
Required:
Prepare journal entries for each transaction. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
Homework Answers
| Answer | |||||
|
No. |
Transaction | General Journal | Debit | Credit | |
| 1 | a. | Cash | $ 71,000 | ||
| Common stock | $ 5,450 | 5*109*10 | |||
| Additional paid - in - capital | $ 65,550 | ||||
| 2 | b. | No journal entry required | |||
| 3 | c. | Cash | $ 11,000 | ||
| Notes payable (long term) | $ 11,000 | ||||
| 4 | d. | Equipment | $ 15,000 | ||
| Cash | $ 1,400 | ||||
| Notes payable (Short term) | $ 13,600 | ||||
| 5 | e. | Notes receivable (Short term) | $ 2,000 | ||
| Cash | $ 2,000 | ||||
| 6 | f. | Store fixtures | $ 14,000 | ||
| Cash | $ 14,000 | ||||
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