O’Brien Construction had the following business activities: Stockholders invest $62,000 cash in the corporation. O'Brien purchased...
O’Brien Construction had the following business activities:
- Stockholders invest $62,000 cash in the corporation.
- O'Brien purchased $470 of office supplies on credit.
- O'Brien purchased office equipment for $7,000, paying $4,100 in cash and signing a 30-day note payable for the remainder.
- O'Brien paid $235 cash on account for office supplies purchased in transaction 2.
- O'Brien purchased two acres of land for $21,000, signing a 2-year note payable.
- O'Brien sold one acre of land at one-half of the total cost of the two acres, receiving the full amount or $10,500 in cash.
- O'Brien made a payment of $10,500 on its 2-year note.
Prepare journal entries for the above transaction.
Record the entry for investment of $62,000 cash in the corporation by stockholders.
Record the entry for the purchase of supplies on credit for $470.
Record the entry for the purchase of office equipment for $7,000, paying $4,100 in cash and signing a 30-day note payable for the remainder.
Record the entry for the payment of $235 cash on account for office supplies purchased in transaction 2.
Record the entry for the purchase two acres of land for $21,000, signing a 2-year note payable.
Record the entry for the sale of one acre of land at one-half of the total cost of the two acres, receiving the full amount or $10,500 in cash.
Record the entry for the payment of $10,500 on its 2-year note.
Homework Answers
Journal entry
| No | General Journal | Debit | Credit |
| 1 | Cash | 62000 | |
| Common Stock | 62000 | ||
| 2 | Supplies | 470 | |
| Account payable | 470 | ||
| 3 | Equipment | 7000 | |
| Cash | 4100 | ||
| Notes payable | 2900 | ||
| 4 | Account payable | 235 | |
| Cash | 235 | ||
| 5 | Land | 21000 | |
| Notes payable | 21000 | ||
| 6 | Cash | 10500 | |
| Land | 10500 | ||
| 7 | Notes payable | 10500 | |
| Cash | 10500 | ||
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O’Brien Construction had the following business activities:
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