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aweller3898
03.06.2020 •
Business
Recording Journal Entries
Nathanson Corporation was organized on May 1. The following events occurred during the first month.
A. Received $68,000 cash from the five investors who organized Nathanson Corporation. Each investor received 101 shares of $10 par value common stock.
B. Ordered store fixtures costing $12,000.
C. Borrowed $20,000 cash and signed a note due in two years.
D. Purchased $17,000 of equipment, paying $1,900 in cash and signing a six-month note for the balance.
E. Lent $1,400 to an employee who signed a note to repay the loan in three months.
F. Received and paid for the store fixtures ordered in (b).
Prepare journal entries for each transaction.
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Ответ:
A.
Cash $68,000 (debit)
Common Stock $68,000 (credit)
B.
Store fixtures $12,000 (debit)
Payable $12,000 (credit)
C.
Cash $20,000 (debit)
Note Payable $20,000 (debit)
D.
Equipment $17,000 (debit)
Cash $1,900 (credit)
Note Payable $15,100 (credit)
E.
Note Receivable $1,400 (debit)
Cash $1,400 (credit)
F.
Payable $12,000 (debit)
Cash $12,000 (credit)
Explanation:
A.
Recognize Cash and Recognize Equity - Common Stock
B.
Recognize Store fixtures and recognize a liability - Payable
C.
Recognize Cash - Asset and a Liability - Note Payable
D.
Recognize Equipment - Asset , Recognize Liability - Note Payable and de-recognize the Asset - Cash
E.
De-recognize Cash and Recognize the Asset - Note Receivable
F.
De-recognize the Liability - Payable and de-recognize the Asset Cash
Ответ:
Ashnikko
Explanation: