Homework Answers
| Transaction | General Journal | Debit | Credit |
| 1 | Cash | 1,000 | |
| Supplies | 2,000 | ||
| Inventory | 3,000 | ||
| Machinery | 4,000 | ||
| Steffi, Capital | 10,000 | ||
| ( To record investment by Steffi) |
Inventory and machinery will be recorded at their market values.
Capital of Steffi = Cash + Supplies + Inventory + Machinery
= 1,000+2,000+3,000+4,000
= $10,000
Kindly comment if you need further assistance.
Thanks‼!
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Received investment of cash by organizers and distributed to
them 1,090 shares of $1 par value common stock with a market price
of $25 per share.
Purchased $7,800 of equipment, paying $1,400 in cash and owing
the rest on accounts payable to the manufacturer.
Borrowed $15,000 cash from a bank.
Loaned $1,100 to an employee who signed a note.
Purchased $20,000 of land; paid $4,000 in cash and signed a
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