Business & Finance Homework Help
a.Received investment of $32,900 cash by organizers.b.Purchased land for $19,800in land;
a. Received investment of $32,900 cash by organizers.
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b. Purchased land for $19,800in land;
paid $6,900 in cash and signed a mortgage note with a local bank for the balance (due in five years).
c. Borrowed cash from a bank and signed a note for $11,900.
d. Lent $1,200 to an employee who signed a note due in three months.
e. Paid the bank the amount borrowed in (c).
f.Purchased $9,800 of equipment, paying $4,900 in cash and signing a note due to the manufacturer.
Prepare journal entries for the above transactions.
