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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Home » 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.