Homework Answers
Answer:
| Transaction | General Journal | Debit | Credit |
| a | Cash | $60,000 | |
| Common Stock | $60,000 | ||
| (to record investment in stock) | |||
| b | Cash | $20,000 | |
| Notes Payable [Long Term] | $20,000 | ||
| (to record isssuance of notes) | |||
| c | NO ENTRY required for 'order made' | ||
| d | Equipment | $9,000 | |
| Cash | $2,000 | ||
| Notes Payable [Short term] | $7,000 | ||
| (to record purchase of equipment) | |||
| e | Equipment | $16,000 | |
| Cash | $8,000 | ||
| Accounts Payable | $8,000 | ||
| (to record purchase of equipment ordered above] |
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E2-11 Recording Journal Entries and Preparing a Classified Balance Sheet (LO 2-1, LO 2-2, LO 2-5)...
Check my work Required information Assume Down, Inc., was organized on May 1 to compete with...
Check my work Required information Assume Down, Inc., was organized on May 1 to compete with Despair, Inc.-a company that sells de-motivational posters and office products. Down, Inc., encountered the following events during its first month of operations. Part 2 of 3 points a. Received $48,000 cash from the investors who organized Down, Inc. b. Borrowed $15,000 cash and signed a note due in two years. c. Ordered equipment costing $16,000. d. Purchased $6,000 in equipment, paying $4,000 in cash...
Type or paste question here ! Required information E2-11 Recording Journal Entries and Preparing a Classified...
Type or paste question
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! Required information E2-11 Recording Journal Entries and Preparing a Classified Balance Sheet (LO 2-1, LO 2-2, LO 2-5) Assume Down, Inc., was organized on May 1 to compete with Despair, Inc.—a company that sells de-motivational posters and office products. Down, Inc., encountered the following events during its first month of operations. a. Received $60,000 cash from the investors who organized Down, Inc. b. Borrowed $20,000 cash and signed a note due in two years....
a. Received $60,000 cash from the investors who organized Down, Inc. b. Borrowed $20,000 cash and...
a. Received $60,000 cash from the investors who organized Down, Inc. b. Borrowed $20,000 cash and signed a note due in two years. c. Ordered equipment costing $16,000. d. Purchased $9,000 in equipment, paying $2,000 in cash and signing a six-month note for the balance. e. Received the equipment ordered in (c), paid for half of it, and put the rest on account. Prepare journal entries for each transaction. (If no entry is required for a transaction/event, select "No Journal...
E2-7 Recording Journal Entries (LO 2-3, LO 2-5) NIKE, Inc., with headquarters in Beaverton, Oregon, is...
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Jameson Corporation was organized on May 1. The following events occurred during the first month. Received...
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value common stock.
Ordered store fixtures costing $14,000.
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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...
Jameson Corporation was organized on May 1. The following events occurred during the first month. a....
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E2-6 Recording Investing and Financing Activities LO2-4
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Received investment of cash by organizers and distributed to
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Purchased $8,000 of equipment, paying $1,000 in cash and owing
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Check my work Required information Assume Down, Inc., was organized on May 1 to compete with Despair, Inc.-a company that sells de-motivational posters and office products. Down, Inc., encountered the following events during its first month of operations. Part 2 of 3 points a. Received $48,000 cash from the investors who organized Down, Inc. b. Borrowed $15,000 cash and signed a note due in two years. c. Ordered equipment costing $16,000. d. Purchased $6,000 in equipment, paying $4,000 in cash...
Type or paste question
here
! Required information E2-11 Recording Journal Entries and Preparing a Classified Balance Sheet (LO 2-1, LO 2-2, LO 2-5) Assume Down, Inc., was organized on May 1 to compete with Despair, Inc.—a company that sells de-motivational posters and office products. Down, Inc., encountered the following events during its first month of operations. a. Received $60,000 cash from the investors who organized Down, Inc. b. Borrowed $20,000 cash and signed a note due in two years....
a. Received $60,000 cash from the investors who organized Down, Inc. b. Borrowed $20,000 cash and signed a note due in two years. c. Ordered equipment costing $16,000. d. Purchased $9,000 in equipment, paying $2,000 in cash and signing a six-month note for the balance. e. Received the equipment ordered in (c), paid for half of it, and put the rest on account. Prepare journal entries for each transaction. (If no entry is required for a transaction/event, select "No Journal...
E2-7 Recording Journal Entries (LO 2-3, LO 2-5) NIKE, Inc., with headquarters in Beaverton, Oregon, is one of the world's leading manufacturers of athletic shoes and sports apparel. The following activities occurred during a recent year. The dollar amounts in (a) and (b) are presented in millions," and the dollar amount in (c) is per share. When reporting amounts "in millions," exclude the 000,000. a. Purchased $216 in equipment; paid by signing a $5 long-term note and fulfilling the rest...
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...
Jameson Corporation was organized on May 1. The following events occurred during the first month. a. Received $67,000 cash from the five investors who organized Jameson Corporation. Each investor received 104 shares of $10 par value common stock. b. Ordered store fixtures costing $15,000. c. Borrowed $16,000 cash and signed a note due in two years. d. Purchased $23,000 of equipment, paying $1,800 in cash and signing a six-month note for the balance. e. Lent $1,300 to an employee who...
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E2-6 Recording Investing and Financing Activities LO2-4
The following events occurred for Johnson Company:
Received investment of cash by organizers and distributed to
them 1,060 shares of $1 par value common stock with a market price
of $10 per share.
Purchased $8,000 of equipment, paying $1,000 in cash and owing
the rest on accounts payable to the manufacturer.
Borrowed $13,000 cash from a bank.
Loaned $600 to an employee who signed a note.
Purchased $17,000 of land; paid $9,000 in...
Jameson Corporation was organized on May 1. The following events occurred during the first month. a. Received $70,000 cash from the five investors who organized Jameson Corporation. Each investor received 106 shares of $10 par value common stock. b. Ordered store fixtures costing $18,000. c. Borrowed $12,000 cash and signed a note due in two years. d. Purchased $19,000 of equipment, paying $1,800 in cash and signing a six-month note for the balance. e. Lent $1,300 to an employee who...
Jameson Corporation was organized on May 1. The following events occurred during the first month. a. Received $67,000 cash from the five investors who organized Jameson Corporation. Each investor received 104 shares of $10 par value common stock. b. Ordered store fixtures costing $15,000. c. Borrowed $16,000 cash and signed a note due in two years. d. Purchased $23,000 of equipment, paying $1,800 in cash and signing a six-month note for the balance. e. Lent $1,300 to an employee who...
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