Question

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 signed a note to repay the loan in three months. f. 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.) View transaction list Journal entry worksheet 2 3 4 5 Record the receipt of $70,000 cash from five investors who each received 106 shares of $10 par value common stock. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal

Answer 1

Answer
No.	Transaction	General Journal	Debit	Credit
1	a.	Cash	$     70,000
		Common stock		$       5,300	5*106*10
		Additional paid - in - capital		$     64,700
2	b.	No journal entry required
3	c.	Cash	$     12,000
		Notes payable (long term)		$     12,000
4	d.	Equipment	$     19,000
		Cash		$       1,800
		Notes payable (Short term)		$     17,200
5	e.	Notes receivable (Short term)	$       1,300
		Cash		$       1,300
6	f.	Store fixtures	$     18,000
		Cash		18000