Please help with the below journal, instructions and chart of accounts are on second screenshot. thank you
Homework Answers
Solution: Journal Entries along with accounting equation in the books of Latte Corporation.
| JOURNAL | ACCOUNTING EQUATION | |||||||
| Date | Description | POST. REF. | DEBIT | CREDIT | ASSETS | LIABILITIES | EQUITY | |
| 1 | May.11 | Building | $ 3,335,000 | $ 3,335,000 | ||||
| 2 | Land | $ 898,000 | $ 898,000 | |||||
| 3 | Common Stock [124500 * 30 ] | $ 3,735,000 | $ 3,735,000 | |||||
| 4 | Paid-In-Capital in Excess of Par-Common Stock | $ 498,000 | $ 498,000 | |||||
| 5 | [ Being common stock issued for assets] | |||||||
| 6 | May. 20 | Cash | $ 2,109,400 | $ 2,109,400 | ||||
| 7 | Preferred Stock [39800*50] | $ 1,990,000 | $ 1,990,000 | |||||
| 8 | Paid-In-Capital in Excess of Par-Preferred Stock | $ 119,400 | $ 119,400 | |||||
| 9 | (Being Preferred Stock Issued) | |||||||
| 10 | ||||||||
| 11 | May. 31 | Cash | $ 4,100,000 | $ 4,100,000 | ||||
| 12 | Mortgage Note Payable | $ 4,100,000 | $ 4,100,000 | |||||
| 14 | (Being borrowed on mortgage note) | |||||||
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