M2-6 (Algo) Determining Financial Statement Effects of Several Transactions [LO2-3] Following are the transactions of JonesSpa Corporation, for the month of January. a. Borrowed $28.000 from a local bank; the loan is due in 9 months. b. Lent $8.300 to an affiliate; accepted a note due in one year. c. Sold to Investors 60 additional shares of stock with a par value of $0.10 per share and a market price of $15 per share, received cash. For each of the above transactions, indicate the accounts and amounts. A sample is provided. Note: Enter decreases to an element of the balance sheet with a minus sign. a b b C C. d d. e e. d. Purchased $21,500 of equipment, paying $4.900 cash and signing a note for the rest due in one year. e. Declared $3.700 In cash dividends to stockholders, to be paid in February. Cash Notes receivable Assets 28,000 = Notes payable 8,300 = |||||| HE H Liabilities 28,000 + + Stockholders Equity
M2-6 (Algo) Determining Financial Statement Effects of Several Transactions [LO2-3] Following are the transactions of JonesSpa Corporation, for the month of January. a. Borrowed $28.000 from a local bank; the loan is due in 9 months. b. Lent $8.300 to an affiliate; accepted a note due in one year. c. Sold to Investors 60 additional shares of stock with a par value of $0.10 per share and a market price of $15 per share, received cash. For each of the above transactions, indicate the accounts and amounts. A sample is provided. Note: Enter decreases to an element of the balance sheet with a minus sign. a b b C C. d d. e e. d. Purchased $21,500 of equipment, paying $4.900 cash and signing a note for the rest due in one year. e. Declared $3.700 In cash dividends to stockholders, to be paid in February. Cash Notes receivable Assets 28,000 = Notes payable 8,300 = |||||| HE H Liabilities 28,000 + + Stockholders Equity
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter21: Corporations: Taxes, Earnings, Distributions, And The Statement Of Retained Earnings
Section: Chapter Questions
Problem 8SPA
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![M2-6 (Algo) Determining Financial Statement Effects of Several Transactions [LO2-3]
Following are the transactions of JonesSpa Corporation, for the month of January.
a. Borrowed $28,000 from a local bank; the loan is due in 9 months.
b. Lent $8.300 to an affiliate; accepted a note due in one year.
c. Sold to Investors 60 additional shares of stock with a par value of $0.10 per share and a market price of $15 per share; received
cash.
d. Purchased $21,500 of equipment, paying $4.900 cash and signing a note for the rest due in one year.
e. Declared $3.700 In cash dividends to stockholders, to be paid in February.
For each of the above transactions, indicate the accounts and amounts. A sample is provided.
Note: Enter decreases to an element of the balance sheet with a minus sign.
Cashi
b. Notes receivable
انه نهان نه اما
Assets
28,000 = Notes payable
8,300 =
#
Liabilities
28,000 +
+
+
+
17
+
+
Stockholders' Equity](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F5e6676a1-f401-4108-9e6c-bfd368c283a2%2F216c9e2d-71a5-44ca-b2a0-59ebc262ff96%2Fsiy92z_processed.jpeg&w=3840&q=75)
Transcribed Image Text:M2-6 (Algo) Determining Financial Statement Effects of Several Transactions [LO2-3]
Following are the transactions of JonesSpa Corporation, for the month of January.
a. Borrowed $28,000 from a local bank; the loan is due in 9 months.
b. Lent $8.300 to an affiliate; accepted a note due in one year.
c. Sold to Investors 60 additional shares of stock with a par value of $0.10 per share and a market price of $15 per share; received
cash.
d. Purchased $21,500 of equipment, paying $4.900 cash and signing a note for the rest due in one year.
e. Declared $3.700 In cash dividends to stockholders, to be paid in February.
For each of the above transactions, indicate the accounts and amounts. A sample is provided.
Note: Enter decreases to an element of the balance sheet with a minus sign.
Cashi
b. Notes receivable
انه نهان نه اما
Assets
28,000 = Notes payable
8,300 =
#
Liabilities
28,000 +
+
+
+
17
+
+
Stockholders' Equity
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