Question

JU TUUUUHULHUICO Completo TIL HUSLUTS VICCION 9 Reven Leu Ry vep. Part 2 of 3 month. a. Placed an order for office supplies costing $2,000. Supplier intends to deliver later in the month. b. Purchased equipment that cost $30,000; paid $10,000 cash and signed a promissory note to pay $20,000 in one c Negotiated and signed a one-year bank loan, and then deposited $5,000 cash in the company's checking account. d. Hired a new finance manager on the last day of the month. e. Received an investment of $10,000 cash from the company's owners in exchange for issuing common shares. + Supplies (ordered in (a] were received, along with a bill for $2,000. 0.6 points 2. Prepare journal entries to record each transaction. (If no entry is required for a transaction/event, select "No Journal Entry Required in the first account field.) Answer is not complete. No Transaction General Journal No Journal Entry Required Debit Credit 1 2. b > Equipment Cash 30,000 > 10,000 3 Cash 5,000 > > d No Journal Entry Required 5 Cash Common Stock 10,000 10,000 Supplies 2,000 < Prev 9 10 of 23 !!! Next >

what am I missing?

Answer 1

You are wrong with b,c,f  

No	Transaction	General Journal	Debit	Credit
1	a	No Journal Entry Required
2	b	Equipment	30,000.00
Cash		10,000.00
Notes Payable		20,000.00
3	c	Checking Account	5,000.00
Cash		5,000.00
4	d	No Journal Entry Required
5	e	Cash	10,000.00
Comman Stock		10,000.00
6	d	Purchases/Supplies	2,000.00
Accounts Payable		2,000.00

In transaction b you missed the note signed $20,000

In transaction c there is a deposit from cash so cash will decrease and checking acount will increase

In transaction f in the absence of cash payment we can assume that it will be a credit purchase