Jameson Corporation was organized on May 1. The following events occurred during the first month. Received $68,000 cash from the five investors who organized Jameson Corporation. Each investor received 103 shares of $10 par value common stock. Ordered store fixtures costing $19,000. Borrowed $17,000 cash and signed a note due in two years. Purchased $18,000 of equipment, paying $1,500 in cash and signing a six-month note for the balance. Lent $1,600 to an employee who signed a note to repay the loan in three months. Received and paid for the store fixtures ordered in (b). Required: Prepare journal entries for each transaction. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
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Home » Business » Jameson Corporation was organized on May 1. The following events occurred during the first month. Received $68,000 cash from the five investors who organized Jameson Corporation. Each investor received 103 shares of $10 par value common stock.