The following events occurred for Johnson Company: a. Received investment of cash by organizers and distributed to them 1,090 shares of $1 par value common stock with a market price of $45 per share. b. Leased $7,700 of equipment, paying $1,300 in cash and signing a long-term right-of-use lease for the rest owed. c. Borrowed $12,000 cash from a bank. d. Loaned $1,000 to an employee who signed a note due in six months. e. Purchased $20,000 of land; paid $5,000 in cash and signed a note for the balance. Required: Prepare journal entries for the above transactions. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list Journal entry worksheet < 1 2 3 4 5 Record the receipt of cash and the distribution of 1,090 shares of $1 par value common stock with a market price of $45 per share Note: Enter debits before credits. Transaction a. General Journal Debit Credit >
The following events occurred for Johnson Company: a. Received investment of cash by organizers and distributed to them 1,090 shares of $1 par value common stock with a market price of $45 per share. b. Leased $7,700 of equipment, paying $1,300 in cash and signing a long-term right-of-use lease for the rest owed. c. Borrowed $12,000 cash from a bank. d. Loaned $1,000 to an employee who signed a note due in six months. e. Purchased $20,000 of land; paid $5,000 in cash and signed a note for the balance. Required: Prepare journal entries for the above transactions. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list Journal entry worksheet < 1 2 3 4 5 Record the receipt of cash and the distribution of 1,090 shares of $1 par value common stock with a market price of $45 per share Note: Enter debits before credits. Transaction a. General Journal Debit Credit >
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
7
![The following events occurred for Johnson Company:
a. Received investment of cash by organizers and distributed to them 1,090 shares of $1 par value common stock with a market
price of $45 per share.
b. Leased $7,700 of equipment, paying $1,300 in cash and signing a long-term right-of-use lease for the rest owed.
c. Borrowed $12,000 cash from a bank.
d. Loaned $1,000 to an employee who signed a note due in six months.
e. Purchased $20,000 of land; paid $5,000 in cash and signed a note for the balance.
Required:
Prepare journal entries for the above transactions.
Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.
View transaction list
Journal entry worksheet
1
2 3 4 5
Record the receipt of cash and the distribution of 1,090 shares of $1 par value
common stock with a market price of $45 per share
Note: Enter debits before credits.
Transaction
a.
General Journal
Debit
Credit
>](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F0a75cbc9-802a-4d23-88d8-99621b369cd2%2F2ddc11a7-fdff-41c9-bce3-75867757faf8%2Fumcug7g_processed.png&w=3840&q=75)
Transcribed Image Text:The following events occurred for Johnson Company:
a. Received investment of cash by organizers and distributed to them 1,090 shares of $1 par value common stock with a market
price of $45 per share.
b. Leased $7,700 of equipment, paying $1,300 in cash and signing a long-term right-of-use lease for the rest owed.
c. Borrowed $12,000 cash from a bank.
d. Loaned $1,000 to an employee who signed a note due in six months.
e. Purchased $20,000 of land; paid $5,000 in cash and signed a note for the balance.
Required:
Prepare journal entries for the above transactions.
Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.
View transaction list
Journal entry worksheet
1
2 3 4 5
Record the receipt of cash and the distribution of 1,090 shares of $1 par value
common stock with a market price of $45 per share
Note: Enter debits before credits.
Transaction
a.
General Journal
Debit
Credit
>
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