Question:
The following events occurred for Johnson Company:
Received investment of cash by organizers and distributed to them 1,000 shares of $1 par value common stock with a market price of $40 per share
Purchased $15,000 of equipment, paying $3,000 in cash and owing the rest on accounts payable to the manufacturer
Borrowed $10,000 cash from a bank
Loaned $800 to an employee who signed a note.
Purchased $13,000 of land paid $4,000 in cash and signed a mortgage note for the balance
Required:
Prepare journal entries for the above transactions. (If no entry is required for a transaction/event, write 'No entry required.')
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